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HomeMy WebLinkAboutKIN 88 016 Shoreline Loan THE CORPORATION OF THE TOWN OF KINCARDINE BY~LAWcNO. 1988-16 A BY-LAW IMPOSING SPECIAL ANNUAL RATES UPON LAND IN RESPECT OF WHICH MONEY IS BORROWED UNDER THE SHORELINE PROPERTY ASSISTANCE ACT, 1973 . WHEREAS owners of land in the municipality have applied to the Council of The Corporation of the Town of Kincardine under The Shoreline Property Assistance Act, 1973, for loans for the purpose of constructing works or making building repairs on such land; AND WHEREAS the Council has upon their application lent the owners the total sum of $1,800.00 to be repaid with interest by means of rates hereinafter imposed: NOW THEREFORE the Council for The Corporation of the Town of Kincardine, pursuant to The Shoreline Property Assistance Act, 1973, ENACTS as follows: 1. The annual rates as set out in the Schedule attached hereto are, subject to the provisions of this by-law, hereby imposed upon such land as described for such period as is prescribed by the regulations under the Act, such rates to be levied and collected in the same manner as taxes; 2. Where an owner obtains a discharge of indebtedness pursuant to section 11 of the said Act in respect of land described in the attached Schedule; (a) No annual rate shall thereafter be imposed upon such land; and (b) the attached Schedule may be amended from time to time by deleting the entries relating to such land; 3. A certified true copy of this by-law shall be registered in the Land Registry Office. READ a FIRST and SECOND time this 17th day of March, 1988. ~~~~ READ a THIRD time and FINALLY PASSED this 17th day _o~_~Tch~ 1988. ~~, . . Annual Rate to be Imposed $ 268.25 $ 268.25 Sum to be Loaned L $1,800.00 $1. 800.00 . THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW NO. 1988-16 SCHEDULE A Proposed Date Name and Address of Owner Description of Land of Loan Cora Patricia Hoffman Lot 24 Plan 347 April 1, 1988 Totals Shoreline Property Assistance Act Debenture Schedule - #3 Hoffman - 298 Goderich St. By-law No. 1988-16 . Schedule A - Page 2 Price Interest Total April 01 Year 1 1989 $124.25 $144.00 $268.25 2 1990 134.19 134.06 268.25 3 1991 144.93 123.32 268.25 4 1992 156.52 111.73 268.25 5 1993 169.04 99.21 268.25 6 1994 182.56 85.69 268.25 7 1995 197.17 71.08 268.25 8 1996 212.94 55.31 268.25 9 1997 229.98 38.27 268.25 10 1998 248.42 19.83 268.25 $1800.00 $882.50 $2682.50 .