HomeMy WebLinkAboutBRU 87 003 borrowing by-law
BORROWING BY-LAW
For Use By Municipalities not Within a District, Metropolitan or Regional Municipality
.-
Form 1 R.S.O. 1980, Chap. 471
The Shoreline Property Assistance Act, MWIB
Borrowing By-law
of
The Corporation of the
Township of Bruce
..................... .... .... .....
By-law Number
87-3
...... ,0
A by-law to raise money to aid in the construction of works and building repairs under The Shoreline
Property Assistance Act, J:.9-'13-,x R.S.O. 1980, Chap. 471
R.S.O. 1980, Chap. 471
The council, pursuant to The Shoreline Property Assistance Act, ~ enacts as follows:
1. The Corporation may from time to time, subject to the provisions of this by-law, borrow on the
d' f h C 'h d' , h " 200 000 00
ere It 0 t e orporation sue sums not excee mg m t e aggregate" . .. .'. .. ,".. . , , , ., . . . . . , . . as may
be determined by the council, and may in tl!e manner hereinafter provided, issue debentures of the Corpor-
ation for the amount so borrowed as provided in the Act payable to the Treasurer of Ontario at the Parlia-
ment 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 regulations 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 completion 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 coIlecled 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.
d . d d' th FOURTEENTH d f JANUARY .' 1987
Rea a FIrst an Secon time e . . . . . . . . . . . . . . . , . .. ay 0 .........................., _ , . .
Read a Third time the ......... _ . !?!1!1:r!l, _ , _ . . . . _ . day of .. .Mf'.R,c!l. . . . . . . . . , _ . . . . . . . _, 19~? _
(Corporate Seal)
.~A..l!J. 4-:.-.~,~,.,.....
Head~
() 19~ .
,.. ....... .~.~~...;..
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