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HomeMy WebLinkAbout11 021 March 2011 Tile Drain Loan Debenture By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE KBT _y r 44 aurcor BY-LAW NO. 2011 - 021 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 of The Corporation of the Municipality of Kincardine deems it advisable, for administrative purposes, to repeal By -law No. 2011 — 001. AND WHEREAS the Council has, upon their application, lent the owners the total sum of $100,000.00 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. That By -law No. 2011 — 001 be hereby repealed. 3. This By -law shall come into full force and effect upon its final passage. 4. This By -law may be cited as the "March 2011 Tile Drain Loan Debenture By -law". READ a FIRST and SECOND time this 16 day of February, 2011. (� des . _ lybW tNa -bau,amOO * Clerk U READ a THIRD time and FINALLY PASSED this 16 day of February, 2011. • • — lays Clerk attsrox The Corporation of the Municipality of Kincardine SCHEDULE 'A' to By -law Number ( got I- ce, Proposed date Sum to be loaned Annual rate Name and address of owner Description of land drained of loan $ to be imposed Calvin Mark McConnell Lot : 18 Concession 8 711 Concession 9, Box 8, R.R. 5 Kincardine ON Roll # 4108 - 210- 00302200 2011 - Mar -01 $50,000.00 $6,793.40 Rosanne Elizabeth McConnell Lot 18: Concession 7 711 Concession 9, Box 8, R.R. 5 Kincardine ON Roll # 4108210 -00224200 2011 -Mar -01 $50,000.00 $6,793.40 * Total principal of debenture and total sum shown on by -law TOTAL $100,000.00 $13,586.80 4 - 2 !.-A N . ' C' b ' "t, i. ` 1 ) ik . •! ' ' o - ,. t ; . . y�r/ . t A%.' ii •x � , `4 d�3 . 1 'r/ 4 , X3 ,, !, � f � x � h` „ ,, ,, W � -:.: r � \ � d ti. Municipal Wort — Form 1113 Tile Drainage Act , . a T.M. , • Reg. in Canada, Municipal World Inc. R.S.O. 1990, c T.8, a 3 (1) ' ' -r" TILE DRAINAGE DEBENTURE R.R.O. Reg. 1032, Form $ 100,000 No. 2011 -03 t: . - ■ ti The Corporation of the Mini ci pal ity o f Kincardine in the County of ' hereby promises to pay to the Treasurer of Ontario at the Ministry of Treasury and YP P Y ry ry 4 - Economics, Toronto, the principal sum of $ 100 ,E of lawful money of Canada, together with i interest thereon at the rate of .. 6.... per cent per annum in ten a a 9J� instalments o f 13,586.80 - First MarchT2 2U21 a on t day of , in the years to . , both inclusive. ,, , ` The right is reserved to The Corporation of the Mmicipalit 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. l i _ . 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. Municipality Kincardine Dated at the of , in the PrQYince ppt� Opnpt�ario, this 1st day of March 2011 2!707 003 ($T`�001 , under the authority of By -law No. 2011 of the f. i ;51) Corporation entitled "A by -law to raise money to aid in the construction of drainage works under the Tile D rainage Cl., Act" 2c .... _, __ __ „, Min LO Seat Head of Council f* , c_ a- r —'- u �. -- i L f Treas rer &-:-: iii ( r) ♦ A 1 e 'v/ F - v Z K n z g tli �Nilt t \ � .i y; 141) ^�Y1 M1V1tT���an�x a V p a �{� 1M A p� * N ! 4,, i M i. N Y .1 'R 4 3 Rn W 7 f � �N ^M1,3� + N' li t I ' It ,{ 1 1 � N A tl' \ a 3} _ 3 N. N �' ' J 4� NA ',9 _.. ). 1 ° � 1I 31. ) p r 7 1, . N n ,}` 1+ +° i',. ©Municipal World' - Form 1118 Tile Drainage Act " Reg. T.M. In Canada, Municipal World Inc. R.S.O. 1990, c T.8. s. 5 (8) RR() . 1990, Reg 1032, Form 9 OFFER TO SELL TO THE TREASURER OF ONTARIO the Minicipality Kincardine The Corporation of of hereby offers to sell Debenture No. 2011-03 in the principal amount of $ 1oo'000 2007 - 003 ($27,500) to the Treasurer of Ontario as authorized by Borrowing By -law No. 2011 -013 ($72,500bf 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. March 1, 2011 Date Corporate Sea) ( kcal Signature of Treasurer •