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2016-043 Borrowing By-law for Municipalities not within a regional municipality, the county of Oxford, or the District Municipality of Muskokar� tl`"'Ontario Ministry of Agriculture, Borrowing By-law for Municipalities Food and Rural Affairs Not Within a Regional Municipality, the County of Oxford or The District Municipality of Muskoka — Form 1 Tile Drainage Act, R.S.O. 1990, c. T.8, subs. 2(1) Borrowing By-law of the Corporation of the Township of Oro-Medonte By-law Number 2016-043 A by-law to raise money 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 of the Township of Oro-Medonte the provisions of this by-law, borrow on the credit of the Corporation such sums not exceeding in the whole may, subject to $200,000.00 as determined by the council, and may issue debentures of the Corporation for the amount borrowed as provided in the Act payable to the Minister of Finance, 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 drainage has filed with the clerk an Inspection and Completion Certificate, the council may include a sum, not exceeding the amount applied for or seventy-five percent of the total cost of the drainage works with respect to which the loan is made, in a debenture payable to the Minister of Finance 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 2016/03/23 Second reading 2016/03/23 Provisionally adopted this 23 day of March 1 2016 Name of Head of Council (Last, First Name) S Hughes, H.S. Name of Clerk (Last, First Name) Irwin, J. Douglas Sig 0162E (2012/08) © Queen's Printer for Ontario, 2012 Disponible en frangais Page 1 of 2 Third reading 2016/03/23 Enacted this 23 day of March , 2016 Name of Head of Council (Last, First Name) Hughes, H.S. Name of Clerk (Last, First Name) Irwin, J. Douglas I, J. Douglas Irwin clerk of the Corporation of the Township of Oro-Medonte certify that the above by-law was duly passed by the council of the Corporation and is a true copy thereof. Name of Clerk (Last, First Name) Signatu Lwin, J. Douglas �., 0162E (2012/08) Page 2 of 2