HomeMy WebLinkAbout11 001 February 2011 Tile Drain Loan Debenture By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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LING
BY-LAW
NO. 2011 - 001
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 $13,586.80 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 "February 2011 Tile Drain Loan Debenture
By -law ".
• READ a FIRST and SECOND time this 12 day of January, 2011.
or Clerk
READ a THIRD time and FINALLY PASSED this le day of January, 2011.
•
' a or Clerk Ls
•
The Corporation of the Municipality of Kincardine
SCHEDULE 'A' to By -law Number Qni - no t
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 -Feb -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 -Feb -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
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Municipal World' — Form 1113
Trk Drainage Act ; : - ` Reg. T.M. In Canada, M"niclpalWorld Inc. TILE DRAINAGE DEBENTURE RS0.1990,c.T3s 3(1) 't
R.R.O i
. 1990. Reg. 1032, Form 4 $. ..
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, $ 100,000 No. 2011 -02
The Corporation of the . Munic,i,pa1,tt:y o f Kincprdine in the County of :
FY ....ftruce hereby promises to pay to the Treasurer of Ontario at the Ministry of Treasury and ` ��
Economics, Toronto, the principal sum of $ ..1 00 , 000 of lawful money of Canada, together with
. interest thereon at the rate of 6 per cent per annum in ten equal instalments of $ . 13, 586 , , , • • • • :
�k fi on the First da of February , in the years 2012 .to . . ?9 ? , both inclusive .
E - , The right is reserved to The Corporation of the . Muni c,i,pa,l,i.ty... of .... K ncptdi n :
to prepay this debenture in whole or in part at any time or times on payment, at the place where and in the money
,c` 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.
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r This debenture, or any interest therein, is not, after a Certificate of Ownership has been endorsed thereon by the '
's- Treasurer of this Corporation, or by such other person authorized by by -law of this Corporation to endorse such
Certificate of Ownership, transferable.
' Da at the Munici of Ki ncardine ,,
f , in the Province of Ontario, this 1st day of
c February 2011 2007 - 003
, , under the authority of By -law No. of the
f, Corporation entitled "A by -law to raise money to aid in the construction of drainage works under the Tile Drainage
Act." ` (c 7
Atx CO •pOra'a 3 na . ' - ' - '
Head of Council
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1 i Treasurer
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@Municipal World* - Form 1118 Tile Drainage Act
Reg. TM. in Canada, Municipal World Inc. R.S.O. 1990, c. T.8, s. 5 I8)
R.R.O. 1990, Reg, 1032, Fonn 9
OFFER TO SELL
TO THE TREASURER OF ONTARIO
the Municipality Kincardine
The Corporation of of
hereby offers to sell Debenture No. 2 01 1 -02 in the principal amount of $ 1 00 , 000
to the Treasurer of Ontario 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.