HomeMy WebLinkAboutBRU 95 018 borrowing by-law
CMunlclpaIWorId*-Form1110 BORROWING BY LAW Tile DroinageAct.
'Reg. T.M. in Canada, Municipal World Inc. . R.S.D. 1990, c. T.8, s. 2 (I)
R.R.O. 1990. Reg. 1032, Form I
For use only by municipalities not within the District of Muskoka, or a regional municipality or a restructured county
Borrowing By-law of The Corporation of the
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By-law Number
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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 $ . 7.QQ, ø.QQ, ø.Q . . . . . . . . . . . . . , 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 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.
FIRST READING . .~~:r.4.çl~y. ~~ .~y,. .1.?9.!i............
SECqI';D.REAGlNG... .Z3:cd. day. of. May.. .19.95.......
proviSïóm~II¥",.aQopted·thiS :Ut'<Ï. . . day of . . May. . . . . . . . 199.5 . .
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¡,¡ ~ciPality
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Clerk
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Ontario Municipal Board approval received on... ;J:Q: .Y. .;¡7:t.l1,. .1,~95
THIRD READING. . . 8:th. day. of . August,. .199.5 . . . . . . . . .
PASSED this. ."1:h.... day of.. . AUCJ\l.!>t. . .... ... ..19.95..
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ß4)ad of municipality
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Clerk
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~ \ ;;(~~ . . REGISTRATION
. /:::' _ ~~, ..__".> Tile Drainage Act, R.S.O. 1990, c. T.8, s. 2 (2)
WitlÌ¡1\..i~àr~ej($·áfter the passing of a by-law under subsection (1), the clerk of the municipality shall register a
duplicate ë5r1gtnal 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
THe Drainage Act, R.S.O. 1990, c. T.8, s. 2 (2)
I . . . . ~':I~. .~~~~. . . . . . . . . . , . . . . . . . . . . . . clerk of The Corporation of the. . . .':J;~~~~.I? . . . . . . . . . . . . . . . .
of. ..;..-;:~;r.qç~"... .. .. ... ... . ... .. in the.. . .Ç9,QI)tY... .......... of. .~;r.uç~........ ....... . .. . ..
cer:lify ~~ t~,above by-law was duly passed by the council of the Corporation and is a true copy thereof.
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Clerk
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(CorponmJ SaaJ)
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