HomeMy WebLinkAbout10 119 October 2010 Tile Drain Loan Debenture (Thompson) By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY -LAW
NO. 2010 -119
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 $50,000.00 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 "October 2010 Tile Drain Loan Debenture
By -law ".
1 t" of September, REA a FIRS an SECON time this 5 day o S p , 2010.
G ayo Clerk
READ a THIRD time and FINALLY PASSED this 15 day of September, 2010. a31.vvvk, UatL3-u.se
Mayor Clerk
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The Corporation of the Municipality of Kincardine
Schedule 'A' to By -law Number 3 I() -- 119
Proposed date Sum to be loaned Annual rate
Name and address of owner Description of land drained of loan $ to be imposed
(YYYY- MM -DD) $
Keith Thompson Lot : 1 Con : 10 2010- Oct -01 $ 50,000.00 $ 6,793.40
R.R. 4 Ripley ONT Roll # : 4108 260 003 01000
* Total principal of debenture and total sum shown on by -law TOTAL * $ 50,000.00 $ 6,793.40
TILE DRAINAGE DEBENTURE
$50,000.00 No. 2010 -10
The Corporation of the Municipality of Kincardine hereby promises
to pay to the Minister of Finance the principal sum of $50,000.00 of lawful money of Canada, together with
interest thereonn at the rate of 6 per cent per annum in ten equal instalments of $6,793.40
on the 1st day of October , 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 t is 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
October, 2010 , 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."
ead of Council
Corporate Seal C..,
Treasurer
OFFER TO SELL
TO THE M NISTER OF FINANCE
The Corporation of Municipality of Kincardine
hereby offers to sell Debenture No. 2010 -10 in the principal amount of $50,000.00
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 1Ict) for each drainage work, for which the Corporation will lend the proceeds of this debenture, is
attached hereto.
October 01, 2010
Date
Corporate Seal
eelt
Signature of Treasurer