HomeMy WebLinkAbout08 172 Tile Drain Nov.
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2008 - 172
A BY-LAW IMPOSING SPECIAL ANNUAL DRAINAGE RATES UPON LAND IN
RESPECT OF WHICH MONEY IS BORROWED UNDER THE TILE DRAINAGE
ACT
WHEREAS owners of land in the municipality have applied to the Council of The
Corporation of the Municipality of Kincardine under the Tile Drainage Act for
loans for the purpose of constructing subsurface drainage works on such land;
AND WHEREAS the Council has, upon their application, lent the owners the
total sum of $38,600.00 to be repaid with interest by means of rates hereinafter
imposed;
NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1 . That annual rates as set out in the Schedule 'A' attached hereto are hereby
imposed upon such land as described for a period of ten years, such rates to
be levied and collected in the same manner as taxes.
2. This By-Law shall come into full force and effect upon its final passage.
3. This By-Law may be cited as the "November 2008 Tile Drain Loan Debenture
By-law".
READ a FIRST and SECOND time this 15th day of October 2008
c5- dCX.~ -
Mayor
u~~~~.
Clerk
READ a THIRD time and FINALLY PASSED this 15th day of October 2008
cR"6Ma~C. . (>-. "ci~"
The Corporation of the Municipality of Kincardine
SCHEDULE 'A' to By-law Number dDC!'?; - ITL
Proposed date Sum to be loaned Annual rate
Name and address of owner Description of land drained of loan $ to be imposed
$
Donald & Jowilla Brown
RR 2 Tiverton, ON NOG 2TO Lot 14, Concession 1 November 1, 2008 $20,600.00 $2,798.88
Eric & Lynda Thacker
RR 2 Kincardine, ON N2Z 2X5 Lot 61 & 62, Concession 3 November 1, 2008 $18,000.00 $2,445.62
* Total principal of debenture and total sum shown on by-law TOTAL $38,600.00
Municipal World* - Fonn 1113
* Reg. T.M. in Canada, Municipal World Inc.
TILE DRAINAGE DEBENTURE
Tile Drainage Act
R.S.O. 1990, c. T.8, s. 3 (1)
R.R.O. 1990, Reg. 1032, Form 4
$ 38,600.00
No. 2008-11
. Municipality Kincardine .
The Corporation of the ... . . . . . . . . . . . . . . . . . . of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. In the County of
. . . ~r~~~ . . . . . . . . . . . . . . .. hereby promises to pay to the Treasurer of Ontario at the Ministry of Treasury and
Economics, Toronto, the principal sum of $ . ~8., ~QO.. OQ . . . . . . . .. of lawful money of Canada, together with
interest thE,freon at the rate of . "N" . ? . IS per cent per annum in ten equ~M~sta'ments o~~ 8' . ~2.4.4:?~ . . . . . . . . . . .
on the. . . .s.t. . . . . . day of . . . . ?~~~ .e. . . . . . . . . . ., in the years ......... to . ....... ,both inclusive.
The right is reserved to The Corporation of the. . ~\lQi.c.ip~l 11;y. . . . of. . . Kj!)<;a.r.djpli. . . . . . . . . . . . . . . . . . . ..
to prepay this debenture in whole or in part at any time or times on payment, at the place where and in the money
in which this debenture is expressed to be payable, of the whole or any amount of principal and interest owing at
the time of such prepayment.
This debenture, or any interest therein, is not, after a Certificate of Ownership has been endorsed thereon by the
Treasurer of this Corporation, or by such other person authorized by by-law of this Corporation to endorse such
Certificate of Ownership, transferable.
Municipality Kincardine ... .
Dated at the. . . . . . . . . . . . . . . . . . of . . . . . . . . . . . . . . . . . . . . . . . . . ., In the Province of Ontario, thiS 1st day of
. . . . ~~v:1?~e.r. . . . . . . . . ., ?~0.8... , under the authority of By-law No. . ?~0?~~0.3. . . . . . . . . . . . of the
~~~ocatlOO .:~tI:~:~ by-law '0 ,.". moo., '0 old 10 'h. oo",'coctioo ~;};:'~. T~. Omioag.
..~~.Kcfl~~.
Treasurer
@Municipal World" - Form 1118
>I< Reg. T..l4. in Canada, Abmicipal World Inc.
Tile Drainage Act
RS.D. 1990, c. T.8, s, 5 (8)
R.R.O. 1990, Reg. 1032, Form 9
OFFER TO SELL
TO THE TREASURER OF ONTARIO
The Corporation of thl" Mllni c:i pill it Y
of
Kinc:ardine
hereby offers to sell Debenture No. 2008-11
in the principal amount of $ 38,600.00
to the Treasurer of Ontario as authorized by Borrowing By-law No.
2007-003
of the Corporation.
The principal amount of this debenture is the aggregate of individual loans applied for and each
loan is not more than 75 per cent of the cost of the drainage work constructed.
An inspector of drainage, employed by the Corporation, has inspected each drainage work for
which the Corporation will lend the proceeds of this debenture and each has been completed in accordance
with the terms of the loan approval given by council.
A copy of the Inspection and Completion Certificate (Form 8 of the regulations under the Tile
Drainage Act) for each drainage work, for which the Corporation will lend the proceeds of this debenture, is
attached hereto.