HomeMy WebLinkAbout11 147 January 2012 Tile Drain Loan Debenture By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY-LAW
NO.2011 -147
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 $19,00 to be repaid with interest by means of rates hereinafter
imposed; December I4, Z011
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 "January 2012 Tile Drain Loan Debenture
By -law ".
• READ a FIRST and SECO D time this 7th day of December, 2011.
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READ a THIRD time and FINALLY PASSED this 7th day of December, 2011.
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ayo t„p4.4.+ Clerk
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The Corporation of the Municipality of Kincardine
SCHEDULE 'A' to By -law Number 2o1 l - ITT
Proposed date Sum to be loaned Annual rate
Name and address of owner Description of land drained of loan $ to be imposed
_ $ _
Joel Armstrong Lot : 42 and 43 Concession 3
R.R. 4 Kincardine ON Roll # 4108 -2100- 001 - 024 -00000 2012 - Jan -01 $10,400.00 $1,413.03
Joel Armstrong Lot : 44 and 45 Concession 3
R.R. 4 Kincardine ON Roll # 4108 - 2100 - 001- 025 -00000 2012 - Jan -01 $6,500.00 $883.14
Joel and Jenifer Armstrong Lot : 37 Concession 2
R.R. 4 Kincardine ON Roll # 4108 - 2100 - 001 - 070 -00000 2012 - Jan -01 $2,800.00 $380.43
Total principal of debenture and total sum shown on by -law TOTAL $19,700.00 $2,676.60
C-
TILE DRAIN DEBENTURE
$19,700 No. 2012 -01
The Corporation of the Municipality of Kincardine herby promises to pay to the Minister of Finance the principal
sum of $19,700 of lawful money of Canada, together with interest thereon at the rate of 6 per cent per annum
in ten equal instalments of $2676.60 On the 1 day of January, in the years 2013 to 2022, 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 of Kincardine in the Province of Ontario, this f day of January , 2012, under the
authority of By -law No. 2011 -013 of the Corporation entitled "A by -law to raise money to aid in the construction
of drainage works under the Tile Drainage Act".
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Head of Comm
Corporate Seal -marl.er
41:Noe
OFFER TO SELL
TO THE MINISTER OF FINANCE
The Corporation of the Municipality of Kincardine hereby offers to sell Debenture No. 2012 -01 in the
principal amount of $19,700 to the Minister of Finance as authorized by Borrowing By -law No. 2011 -013 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.
January 01, 2012
Date
Corporate Seal
`!j ature of Treasurer