HomeMy WebLinkAboutBRU 98 026 borrowing by-law
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* Reg. T.M. in Canada. Municipal World 100.
Tile Drainage Act,
R.S.O. 1990, c. T.8, s. 2 (I)
R.R.O. 1990, Reg. 1032. Fonn I
BORROWING BY -LAW
For use by muniCipalities not within district or regional muniCipalities
Borrowing By-law of The Corporation of the
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By-law Number
98-26
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A by-law to raise money 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.r.QOO...QO. . . . . . . . . . . . . . ,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 a 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 w~h 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
FIRST READING. ... J.uns. .9.. .199.8.. ... . . ... . . ... . . . .. .
SECOND READING . .J.\ .nß. .9.. .19.9.6........... .........
THIRD READING.. .;rW1~. .9.... ;l.~~~........................
PASSED this . .~tÞ..... day of. . .;T.~1')~.............. 19 .?~..
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(Co_ Seal)
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Clerk - - - - - - - .. - - - -
REGISTRATION
Tile Drainage Act, R.S.O. 1990, c. T.8, s. 2 (2)
Within four weeks after the passing of a by-law under subsection (1), the clerk of the municipality shall register a
duplicate original or a copy of it, certified under his or her hand and the seal of the municipal corporation, in the land
registry office for the registry division in which the municipality is situate or, if the municipality comprises two or more
registry divisions, in one of them.
CERTIFICATION
Tile Drainage Act, R. S. O. 1990, c. T.8, s. 2 (2)
I . . . . . . . .~<?Þ. .~~~.~m. . . . . . . . . . . . . . . . . . .. clerk ofThe Corporation of the. . . ~?"!'17- ~.~~ 'f'. . . . . . . . . . . . . .
of. . .ar\1.c:e. . . . . . . . . . . . . . . . . . . . . . .. in the. . . ç.Ql,ln:l;y. . . . . . . . . . . " of.. .~¡:.l1ç<;!. . . . . . . . . . . . . . . . .
certify that the above by-law was duly passed by the council of the Corporation and is a true copy thereof.
(Corporate seal)
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Clerk
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