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HomeMy WebLinkAboutTWP 97 023 Tile Drain Borrowing " . BORROWING BY-LAW. For use by Municipalities not within District or Regional Municipalities. " FORM 1 BORROWING BY-LAW of THE CORPORATION OF THE TOWNSHIP OF KINCARDINE BY-LAW 97-.2.3 A By-Law to raise $200,000.00 to aid in the construction of drainage works under the Tile Drainage Act. The Council, pursuant to the Tile Drainage Act, 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 $200,000.00, 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 Treasurer of Ontario at the Ministry of Treasury and Economics at Toronto, 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 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 Treasurer of 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. Tile Drainage Act 1980 c.500 S52 (2) First Reading this 6th day of October 1997 Second Reading this 6th day of October 1997 ~Aj~).';')j erk-Treas e Third Reading this 6th of October 1997 /, , /1// , ,//.........- /~,' Head of )9áncil C 12':'i!!.pf<"iL /I /.