HomeMy WebLinkAbout10 066 June 2010 Tile Drain Loan Debenture By-Law•
•
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
ayor
BY -LAW
NO. 2010 - 066
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 $38,900.00 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 "June 2010 Tile Drain Loan Debenture
By -law ".
READ a FIRST and SECOND time this 19 day of May, 2010.
rk Q
Cle
READ a THIRD time and FINALLY PASSED this 19 day of May, 2010.
Clerk S
•
Bruce & Heather Ribey
1073 Concession 12, R.R. 4 1Paisiey
Name and address of owner Description of land drained
1
1
1
1
1
1
The Corporation of the Municipality of
Schedule 'A' to By -law Number Aol D — (')(
ONT RoII # :
Lot : 4 Con : 11
* Total principal of debenture and total sum shown on by -law
4108 260 003 1 06600
f 1
F 1
F 1
1
F 1
Kincardine
Proposed date
of loan
(YYYY- MM -DD)
Sum to be loaned
Annual rate
to be imposed
2010 - Jun -01 $ 38,900.00 $ 5,285.26
TOTAL * $ 38,900.00 $ 5,285.26
TO THE MINISTER OF FINANCE
The Corporation of Municipality of Kincardine
hereby offers to sell Debenture No. 2010 -06 in the principal amount of $38,900.00
to the Minister of Finance 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.
Corporate Seal
Or r aR TO SELL
June 01, 2010
Date
Signature of Treasurer
$38,900.00
June, 2010
TILE DRAINAGE DEBENTURE
The Corporation of the Municipality of Kincardine hereby promises
to pay to the Minister of Finance the principal sum of $38,900.00 of lawful money of Canada, together with
interest thereon at the rate of 6 per cent per annum in ten equal instalments of $5,285.26
on the 1st day of June , in the years 2011 t 2020 , both inclusive.
The right is reserved to The Corporation of the Municipality of Kincardine
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.
Dated at the Municipality o f Kincardine in the Province of Ontario, this 1st day of
, under the authority of By -law No. 2007 -003 of the Corporation
entitled "A by -law to raise money to aid in the construction of drainage works under the Tile Drainage Act."
Corporate Seal
cq
Treasurer
No. 2010 -06