HomeMy WebLinkAboutKIN 85 4688 Raise Mney-Shorline
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CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW l¡.68g
A BY-LAW TO RAISE MONEY TO AID IN THE
CONSTRUCTION OF WORKS AND BUILDING
REPAIRS UNDER THE SHORELINE PROPERTY
ASSISTANCE ACT.
The council, pursuant to the Shoreline Property Assistance
Act, ENACTS as follows:
1. The corporatiòn may from time to time, subject to the
provisions of this by-law, borrow on the credit of
the èorporation such sums not exceeding in· the aggregate
$10,500.00 , 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 Legislative 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 reli~ved 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 75 percent of the total cost of the
works or building repairs with respect to which the
loan is made or such other maximum amount as is
p:~escribed by the regulations under the act, whichever
is the lesser, 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.
Read a FIRST and SECOND time this 3rd day of October, 1985.
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/Clerk
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Mayor
Read a THIRD time and FINALLY PASSED this 7th day ofNovember,
1985.
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Mayor ~lerk
B 851318
Ontario Municipal Board
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III '1'BB KA'l"l'D or SecUon U of
'Ibe Ont:ar10 M\m1C~m so.rd. Act:,
'"fa.8.0. 1;80, c. 3
-and.-
III !'lIB KA'l"l'D or aD appl1oaUon
by The Corporat:1on of the 'I'OWD
of Jt1ncar41De for approval of
the horrov1D9 of the l1\1li of
$10,500.00 t:o be uae4 for t:be
purpo... of The Ihorel1De
~y Aaabt:aDce Act:, (a.s.o.
, c. 4~1), aa amended.
BliP 0 a II I
A.J .L. CD¡IJIAII
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- aDd -
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J Weðnea4ay, t:be 23rd. day
J
J of Oct:ober, 1985
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s.a. COLlI
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'l'BB BOAlU) OlU)BRØ that: t:bJ.. appl1oat:1OD be gTaDt:e4, aDd.
that: the appl1CaDt: 8Y now proceed w1th the .a1d borrov1D9
1D a t:ot:al aUla DOt: t:o exøee4 $10,500.00, aDd. for .uob
purpoa. 8y paaa all rec¡u1a1_ by-lava, and. prov14ad that:
the OOUDOll of t:be app11cant: oorporat:1on 1D exero1a1D9 aDY
power approved. by th1a order ahall OOIIply aDd. OODtom w1th
all at:abat:ory aDd. other l..al requi.nMDt:a relat:ed t:beret:o.
ACTIlIG SBCU'l'ARY.
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NOV 7 1985
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