HomeMy WebLinkAbout14 054 April 2014 Tile Drain Loan Debenture By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY -LAW
NO. 2014 - 054
BEING 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 $41,000.00 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
shall have priority lien status, and shall 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 "April 2014 Tile Drain Loan Debenture
• By -law ".
READ a FIRST and SECOND TIME this 16th day of April, 2014.
READ a THIRD TIME and FINALLY PASSED this 16th day of April, 2014.
A IL Alk d .
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Mayor :iLt. Clerk
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The Corporation of the Municipality of Kincardine
SCHEDULE 'A' to By -law Number 2014 -05
Sum to be loaned Annual rate
Description of Land Parcel to Which the Proposed date of
Property Owner Information Repayment Charge Will be Levied loan $ to be imposed
Karl Elliott, Mabel Elliott Part Lots 26 & 27 , Concession 2
Box 317 Thedford ONT Municipality of Kincardine, (geographic Township of Bruce) 2014 -May 1 $29,100.00 $3,953.76
NOM 2N0 Roll # 8260- 001 - 107 -0000
Roll # 8260- 001 - 108 -0000
Karl Elliott, Mabel Elliott Lot 3, Concession 9
Box 317 Thedford ONT Municipality of Kincardine, (geographic Township of Bruce) 2014 -May 1 $11,900.00 $1,616.83
NOM 2N0 Roll # 8260- 002 -235
TOTAL $41,000.00 $5,570.59
OFFER TO SELL
Tile Drainage Act, R.S.O. 1990, c. T8, subs. 5(8)
TO THE MINISTER OF FINANCE
The Corporation of Municipality of Kincardine
hereby offers to sell Debenture No. 2014 -05 in the principal amount of $41,000
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 for each drainage work, for which the Corporation
lend the proceeds of this debenture, is attached hereto.
May 01, 2014
Date
Roxana Baumann
Corporate Seal Name of Treasurer
Signature of Treasurer
TILE DRAINAGE DEBENTURE
Tile Drainage Act, R.S.O. 1990, c. T.8, subs. 2(1)
$41,000 No. 2014 -05
The Corporation of the Municipality of Kincardine hereby promises
to pay to the Minister of Finance, the principal sum of $41,000 of lawful money of Canada, together with
interest thereon at the rate of 6 per cent per annum in ten equal instalments of $5570.59
on the 1st day of May , in the years 2015 to 2024 , 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 o f Kincardine in the Province of Ontario, this 1st day of
May, 2014 , 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."
411
Mayor Larry Kraemer
Corporate Seal Name of Head of Council 401 Signature
Roxana Baumann 2,, ,,
Name of Treasurer Signature