HomeMy WebLinkAboutTWP 97 023 Tile Drain Borrowing
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BORROWING BY-LAW.
For use by Municipalities not within District or Regional
Municipalities.
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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
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Third Reading this 6th of October 1997
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