HomeMy WebLinkAboutTWP 86 027 Borrow-Shoreline Act
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BORROWING BY-LAW
OF
THE CORPORATION OF THE TOWNSHIP OF KINCARDINE
BY-LAW NO 86-27
A by-law to raise money to aid in the construction of works
and building repairs under The Shoreline Property Assistance Act,
1973.
The council, pursuant to The Shoreline Property Assistance
Act, 1973, 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 aggregate $350,000.00 as may be determined by
the council, and may in the 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 Parliament
Buildings, Toronto, which debentures shall reserve the right to pay
at any time, with or without giving notice or at such times and
on such notice and in accordance with such terms and conditions as
may be prescribed by regulatio~s made under the Act, the whole or
any part of the amount then outstanding and to be relieved from
liability to pay any interest on the amount so paid. other than
accrued interest.
2. Where an application for a loan under the Act is approved by the
Council and the inspector has filed with the clerk an inspection and
completio~.certificate, the council may include a sum, not
exceeding the amount applied for or such other maximum amount as
is prescribed by the regulations under the Act, 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.
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Read a First and Second time the
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Read a Third time the
hv':'
day of
day of November, 1986.
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Head of Council
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. lerk-Treasu
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]I 861202
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Ontario
Ontario Municipal Board
III TBB IIUHR (Ø ~1oD 64 of
the OD~ti _1aml BoaJ:d AG1:,
(R.8.0. 1 ëí, c. a. --nðed)
-and-
D HB ....ftIIR (Ø aD appl1aaUn
by fte COZpont;1oD of the
'lovruIb1p of 1t1noarcu'D8 for aD
order appJ:OV1D9 the bor:mw1D9
of $350,000.00 fJ:Olll the fte..uu
of OD~1o 1:0 be uNd for the
pazpo... of the Sborel1D8
.~~Y A..1,t:&DOt AG1:, (R.8.0.
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BBrORB.
D. W. JlIDDLB'IOII
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ft1day, the Ut:h day
of .~h9~, 1'86
-&114-
B. W. HoI.OVGBLDI
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.,0 BOut) OlD... tbat. t:h1. appl1aat.1oD be graDUd and tbat; t.be
applicaDt. _y boJ:J:OW IIOD8Y 1D a 1:Ot.al IIUII D01: to exoee4
$350,000.00, pJ:OV1ded tbat. 'the COUDc.1l of t.be applioaDt
coJ:pOra1:1oD 1D uuo181D9 any powu' appJ:OVed by tb18 order 8ball
comply and coafOD wi'th all .t.at.u1:Ory and ot.beJ: lagal
requ1nmaDt.. lIalaUd t:haI:a1:O.
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1;4w- gt -37
Ontario
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Ontario
Municipal
Board
416/598,2266
180 Dundas St. West
Toronto, Ontario
M5G 1E5
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REC~r'f"""
November 10,1986
NOV 1 ¿ 1986
Miss Muriel P. Eskrick
Clerk-Treasurer
Township of Kincardine
Box 14, R.R.5
KINCARDINE, Ontario
N2Z 2X6
TWP. OF KINCAK
LJ.. ..
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Re: O.M.B. File: E861202
Shoreliné Assistancé
Receipt is acknowledged of your letter and
enclosures.
When communicating with the Board in connection
with this matter, please quote the above file
number.
Z¡~JJfÞ~
Michael Onorato
Financial Analysis Section
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TIU'HONI
ICIHCAItDINI
~ICIO
· TOWNS~ OF ~CARDINE.
OPflCI O. THIi CLIiIJ( . TIWUliI
November 6, 1986.
Ontario Municipal Board,
180 Dundas st. w.
·Toronto, Onto
M5G lE5
Dear Sirs:
Re: $350,000.00
Aid under The Shoreline Property Assistance Act
Township of Kincardine
The attached borrowing By-Law #82-27 of the Corporation
of the Township of Kincardine, in the amount of
three hundred and fifty thousand ($350,000.00)
dollars, is hereby submitted to the Ontario Municipal
Board for approval.
Your consideration will be appreciated.
Thank-you.
sinCe'~E!1Y ,
TOWNSHIP OF KINCARDINE
kru1~~
Muriel P. Eskrick
Clerk-Treasurer
MPE/ac
Encl.
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