HomeMy WebLinkAboutBRU 83 003 borrowing tile drain
o
Municipal World limited - Form 1110
BORROWING BY-LAW
For use only by municipalities not within the District of Muskoka. or a regional municipality
or a restructured county
Form 1
Tile Drainage Act. R.S.O. 1980. c. 500. s. 2 (1)
R.R.O. 1980, Reg. 932, Form 1
.
Borrowing By-Law
of
The Corporation of the
...................... IQ'tffis.b.tp...Q f...Br.Uc.e.........................
By-Law Number .....~.~.:.~.........................
A by-law to raise $?9.9...9.9.9.r.9.9............................ 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 $..20.0.,.ClClO...QQ........................, 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 Parliament
Buildings. 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 drain-
age 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 .............fJf.T.~...................................... day of
Second Reading .........fJ.f.m..................................... day of
Third Reading - Passed this .........1..';(........................ day of
...................J.J!:..~.VAKY................. 19.6.~...............
.... ...............JM.V.J!:.RY... .............. 19.61..............
......Ed.µ.,.......... ....................... 19..f..S............
..... . ............h::>..7.":'::'~.......
Head of Counc~
.................
Registration of By-Law - The clerk of the municipality "shall register a duplicate original or a copy of
it. certified under his hand and the seal of the municipal corporation. in the 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." Tile Drainage Act, R.S.O 1980, c. 500. s. 2 (2). .
CERTIFICATION
Tile Drainage Act. R.S.O. 1980, c. 500. s. 2 (2)
I............................................................. clerk of the municipality of the ..............................................
of ........................................... in the ................................................. of ..................................... certify that
the above by-law was duly passed by the council of the Corporation of the .............................................. of
........................................................... and is a true copy thereof.
................................................................
Clerk's Signature