2020-049 By-law to raise money to aid in the construction of drainage works under the Tile Drainage ActThe Corporation of the Township of Oro-Medonte
By-law No. 2020-049
A By-law to raise money to aid in the construction of drainage works under the
Tile Drainage Act
Whereas landowners within the Township of Oro-Medonte apply to council under the
Tile Drainage Act for loans for the purpose of constructing subsurface drainage works;
Now Therefore the Council of the Township of Oro-Medonte hereby enacts as follows:
The Corporation of the Township of Oro-Medonte may, subject to the provisions
of this by-law, borrow on the credit of the Corporation such sums not exceeding
in the whole $500,000.00, as determined by the Council, and may issue
debentures of the Corporation for the amount so 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 work 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.
4. This by-law shall take effect on the final passing thereof.
By-law read a First, Second and Third time, and Passed this 29th day of April,
2020.
The Corporation of the Township of Oro-Medonte
Mayor, H.S. ghes
CI k, Yvonne Aubichon