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HomeMy WebLinkAbout03 160 Brown Tile Drain loan e e e e THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE BY-LAW NO. 2003 -160 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 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 $13,600.00 to be repaid with interest by means of rates hereinafter imposed; NOW THEREFORE the Council for 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 to 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 "Brown Tile Drain Loan By-law". READ a FIRST, SECOND and THIRD time and DEEMED TO BE PASSED this 5th day of November, 2003. ~~ ~ ~_.. Clerk . - . Wunicipal Wood' - Form 1118 ... Reg. TM. 1/1 Canada. MUlIiÒptJI WOI"Jd Inc. Tilt! Drainage ACl R.S.O. 1990, c. T.S, s. 5 (8) R.R.O. ]990. R('g.. 1032. Fonll 9 OFFER TO SELL TO THE TREASURER OF ONTARIO MUNICIPALITY of KINCARDINE The Corporation of hereby offers to sell Debenture No. 2003-12 in the principal amount of $ 13,600.00 to the Treasurer of Ontario as authorized by Borrowing By-law No. 1999-50 of the Corporation. The principal amount of this debenture is the aggregate of individual loans applied for and each loan is not more ttlan 75 per cent of the cost of the drainage work constructed. 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