HomeMy WebLinkAboutKIN 86 4729 Raise Mony-Shorline
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Borrowing By-law
of
THE CORPORATION OF THE TOWN OF KINCARDINE
By-law No. 4729
A BY-LAW TO RAISE MONEY TO AID IN THE CONSTRUCTION OF
WORKS AND BUILDING REPAIRS UNDER THE SHORELINE PROPERTY
ASSISTANCE ACT, 1973.
The council, pursuant to The Shoreline Property
Assistance Act, 1973, ENACTS as follows:
1. The Corporation may from time to time, subject to the
provisions of this by-law , borrow on the credit of the
Corporation such sums not exceeding in the aggregate
$75,000 as may be determined by the council, and may in
the manner hereinafter provided, issue debentures of
the Corporation for the amount so borrowed as provided
in the Act payable to the Treasurer of Ontario at the
Parliament Buildings, Toronto, which debentures shall
reserve the right to pay at any time, with or without
giving notice or at such times and on such notice and
in accordance with such terms and conditions as may be
prescribed by regulations made under the Act, the whole
or any part of the amount then outstanding and to be
relieved from liability to pay any interest on the
amount so paid other than accrued interest.
2. Where an application for a loan under the Act is
approved by the council and the inspector has filed
with the clerk an inspection and completion
certificate, the council may include a sum, not
exceeding the amount applied for or such other maximum
amount as is prescribed by the regulations under the
Act, in a debenture payable to the Treasurer of Ontario
in accordance with the Act, and may approve of the
Corporation lending the said sum to the applicant.
3. A special annual rate shall be imposed, levied and
collected over and above all other rates upon the land
in respect of which the money is borrowed, sufficient
for the payment of the principal and interest as
provided by the Act.
4. This by-law shall come into full force and effect only
upon approval of the Ontario Municipal Board in
accordance with Section 64(4) of the Ontario Municipal
Board Act, R.S.O. 1980, Chapter 347.
READ a FIRST and SECOND time this 3rd day of APRIL, 1986.
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Mayor
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READ a THIRD time and FINALLY PASSED this 3rd day of APRIL /_~
1986.-_-0'-,- "':
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Mayor
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Ontario Municipal Board
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