HomeMy WebLinkAboutTWP 81 022 borrowing by-law
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BORROWI ,{; BY-lAW
For use by Municipalities not within District or Regional Municipalities
Form 1
The Tile Drainage Act, 1971, section (2) 1,
O. Reg. 327/71: amended by O.Reg. 843/75
Borrowing By-law
of
The Corporation of the
TOWNSHIP OF KINCARDIIIE
By-law Number <~/ - ,;(' ..:?
.A by-l'ew to rsise i260.DOO.OO to sid in the construction of drsinege
workà under The Tile Drsinage Act, 1971.
The cDUncil, pursuant to The Tile Drainage Act, 1971, enects as follOWSj
1. The [;orporation may fran time to time, subject to the provisions of
this by-lad, borrow on the cradit of the [;arporation such I!II.IIIS not exceading
in the whole 1260.000.00, Ba may be detennined by the council, and may in
manner hereinafter provided, issue debentureB of the Corporation for the BIIIovnt
so borrowed as provided in the Act payable to the Treasurer or Onterio a~
the PFl111111!nt Buildings, Toronto, which debentures shell reserve the right
to pripay the whole or any part of principal and interest OoIing at the tillla
of such prepeymant.
2J Where sn application for a loan under the Act is approved by the
ccuncil and the inepectar of drainage hae filed with the clerk an . inspection
end COIIpletion certificate, the council msy include a sum, not exceeding
the amount applied 1'01' or 75 per cent of the total coat of the dreinage
work with reepect tQ which the loan is ma~, in a debenture payable to the
Treasurer of Ontario in eccQrdance QlJith the Act, and may approve of the
Corporation lending the said sum to the' applicant.
3. A special annual rete shell be imposed, leviad and collected over
and above all other rates upon the land in respect of which the money 1s
borrowed, sufficient for the PBYmsnt of the pr100icpal and intereat as
provided by the Act. .
First.Reading ,.;//r/c/ -day of )74 ru 'dLe/.-.-/, 1981
Second ReØd1nu d~/d. day of /);~'U jU he/C/. . 1981
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Heed 0 [;ouncll, ,/ ,
Third Reading - Passed this
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,/C .Y¿ L ¡, , ! / . tJ; ","j'A-/~. ,-)
Clerk-Treasurer' .
4ð'd day ai~~/Mít.1,982
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Head of [;ouncll
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C rk-Treasurer
Regiatration of By-law - The clerk of the municipallty-shøllregister a
duplicate original Dr a copy of it, certified under hisl1lllnd and the ssal of
the 1IIJnicipel corporation, in the registry office for the regiatry division
In,which the municipality ia situated or. if the municipal1tYCDqJrillfì;,wo
QrIllOlJl registry divis1ons, in one of them-. The Tile Drainage Act. 1971,
IIItCtlQl'l 2 (2).
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ŒRTIFICATION
The Tile Drainage Act, 1971, section 2 (2)
I Muriel P. Eskrick
clerk of the municipality of the Township
of Kincardine
[;ountv
in the
of
Bruce
certify that
the above by-law was duly passed by the council of the [;orporatian of the
Tablllship
Kincardine
and is a true copy thereof.
of
Declared before me atthe
Town of Kincardine
in the County of Bruce
this 26th day of
Eebruary, 1982
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RE"'''''':f~i.l /51db
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TRA.'\jSFE~ TAX)
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RETA!L ,
SALES TAX ,
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Land Registry Qttice
at Walkerton,
Ontario.
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In the
191359
No.
land Registry Division of ßrüGe (No.3)
. I e¡¡n~\r" ¡t at this instrument is registered as 01
I/!'I(PP .M.
JAN 29 1982
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