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HomeMy WebLinkAbout15 152 November 2016 Tile Drain Loan Debenture By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE KBT 1, /i , �� C ALI7Y OF KIN BY -LAW NO. 2015 -152 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 $18,300.00 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 "November 2016 Tile Drain Loan Debenture By -law ". READ a FIRST and SECOND TIME this 18th day of November, 2015. • READ a THIRD TIME and FINALLY PASSED this 18th day of November, 2015. Bohm k. Mayor Clerk • TILE DRAINAGE DEBENTURE Tile Drainage Act, R.S.O. 1990, c. T.8, subs. 2(1) $18,300.00 No. 2015 -12 The Corporation of the Municipality of Kincardine hereby promises to pay to the Minister of Finance, the principal sum of $18,300.00 of lawful money of Canada, together with interest thereon at the rate of 6 per cent per annum in ten equal instalments of $2,486.38 on the 1st day of December , in the years 2016 t 2025 , 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 December, 2015 , 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." Mayor Anne Eadie Corporate Seal Name of Head of Council Signature Roxana Baumann of Treasurer Signature OFFER TO SELL Tile Drainage Act, R.S.O. 1990, c. T.8, subs. 5(8) TO THE MINISTER OF FINANCE The Corporation of Municipality of Kincardine hereby offers to sell Debenture No. 2015 -12 in the principal amount of $18,300.00 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. December 01, 2015 Date Roxana Baumann Corporate Seal Name of Treasurer Signature of Treasurer ,■m The Corporation of the Municipality of Kincardine Schedule 'A' to By -law Number ca ©t 5- I s'a Proposed date Annual rate Pro ert Owner Information* Description of Land Parcel to Which the Sum to be loaned p y Repayment Charge Will be Levied of loan $ to be imposed (YYYY MM - DD) $ Norval McConnell j Isabell McConnell 0 Lot: 34 j Con: 7 - 2015-Dec-01 18 2 486.38 i 300.00 , R.R. 5 Kincardine , ONT Roll #: 1 4108 , 210 j 002 j 25900 0 0 j 0 Lot: j Con: Roll #: I I . . . . . ...... ...... L 0 0 0 Lot: Con: i s Roll #: I 0 , 0 0 Lot: Con: - .I fI �::.:: :: Roll #::::.:.: : : 0 i 0 0 Lot: Con: - j Roll #: � ... :::::I::, :::;> 0 0 0 Lot: I Con: Roll #: 0 0 0 Lot: Con: 0 0 0 Lot: Con: ............ ... Roll #: 1 . ........... 0 0 0 Lot: Con: :i::::. Roll #:::i ::::.:::::::: ::: 0 0 l 0 Lot: I Con: I f R oll #: j 1 f * If property is owned in partnership, all partners must be listed. If property is owned by a corporation, list the corporation's name and the name TOTAL * $ 18,300.00 $ 2,486.38 and corporate position of the authorized officer in the last blank space provided.Only the owner(s) of the property may apply for a loan.