HomeMy WebLinkAbout11 013 tile drainage loan (2011) borrowing by-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
1111 1,
ob KB7
ti:Y x
BY-LAW
NO. 2011 - 013
BEING A BY -LAW TO RAISE MONEY TO AID IN THE CONSTRUCTION OF
DRAINAGE WORKS UNDER THE TILE DRAINAGE ACT
WHEREAS Section 2 of the Tile Drainage Act, R.S.O. 1990, Chapter T.8, as
amended, provides that the Council of a local municipality may pass by -laws in
the prescribed form authorizing the borrowing of money from the Minister of
Finance for the purpose of lending the money for the construction of drainage
works;
• NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine 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 whole, $500,000.00, as may be determined by the Council and may in
manner hereinafter provided, issue debentures of The Corporation for the
amount so borrowed as provided in the Act payable to the Minister of
Finance for Ontario, which debentures shall reserve the right to prepay the
whole or any part of principal and interest owing at the time of such
prepayment.
2. Where an application for a loan under the Act is approved by the council and
the inspector of drainage has filed with the clerk an inspection and
completion certificate, the council may include a sum, not exceeding the
amount applied for or 75 per cent of the total cost of the drainage work with
respect to which the loan is made, in a debenture payable to the Minister of
Finance for 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 on its final passing.
5. This By -Law may be cited as the "Tile Drainage Loan (2011) Borrowing
By -law ".
READ a FIRST and SECOND TIME this 19 day of January, 2011.
� �8 �4
�ayor gsz��,.�c�, Clerk
READ a THIRD TIME an. FINALLY PASSED this 19 day of January, 2011.
IP
• L U1l�I! oak • %knell!'
-yor Clerk