2024-073 A by-law imposing special annual drainage rates upon land in respect of which money is borrowed under the Tile Drainage ActRATING BY-LAW
Tile Drainage Act, R.S.O. 1990, c. T.8, s.8
THE CORPORATION OF THE
Township of Oro-Medonte
BY-LAW NUMBER 2024-073
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
$50,000.00 to be repaid with interest by means of rates hereinafter imposed;
The council, persuant to the Tile Drainage Act, 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 shall have priority lien status, and shall be
levied and collected in the same manner as taxes.
First Reading 2024-Jul-17
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Second Reading 2024-Jul-17
yyyy/mm/dd
Provisionally adopted this
Randy Greenlaw
Name of Head of Council
Yvonne Aubichon
Name of Clerk
Third Reading
Enacted this
Randy Greenlaw
Name of Head of Council
Yvonne Aubichon
Name of Clerk
17 day of
2024-Jul-17
17 day of
Yvonne Aubichon
of Oro-Medonte
duly passed by the council of the Corporation and is a true copy thereof.
Yvonne Aubichon
Name of Clerk
Signature
July , 2024
July
, 2024
Corporate Seal
, clerk of the Corporation of the Township
certify that the above by-law was
Corporate Seal
Oro-Medonte
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OFFER TO SELL
Tile Drainage Act, R.S.O. 1990, c. T.8, subs. 5(8)
TO THE MINISTER OF FINANCE
The Corporation of Township of Oro-Medonte
hereby offers to sell Debenture No. 2024-01 in the principal amount of $50,000.00
to the Minister of Finance as authorized by Borrowing By-law No. 2016-043 of the Corporation.
The principal amount of this debenture is the aggregate of individual loans applied for and each
loan is not more than 75 per cent of the cost of the drainage work constructed.
An inspector of drainage, employed by the Corporation, has inspected each drainage work for
which the Corporation will lend the proceeds of this debenture and each has been completed in accordance
with the terms of the loan approval given by council.
A copy of the Inspection and Completion Certificate for each drainage work, for which the Corporation
lend the proceeds of this debenture, is attached hereto.
September 01, 2024
Date
Nelly Morrow
Corporate Seal Name of Treasurer
^
Signature of Treasurer
TILE DRAINAGE DEBENTURE
Tile Drainage Act, R.S.O. 1990, c. T.8, subs. 2(1)
$50,000.00
The Corporation of the Township
to pay to the Minister of Finance, the principal sum of
of
$50,000.00
No.
Oro-Medonte
2024-01
hereby promises
of lawful money of Canada, together with
interest thereon at the rate of 6 per cent per annum in ten equal instalments of
on the 1st day of September , in the years 2025 to 2034
$6,793.40
, both inclusive.
The right is reserved to The Corporation of the Township of Oro-Medonte
to prepay this debenture in whole or in part at any time or times on payment, at the place where and in the money
in which this debenture is expressed to be payable, of the whole or any amount of principaland interest owing at
the time of such prepayment.
This debenture, or any interest therein, is not, after a Certificate of Ownership has been endorsed thereon by the
Treasurer of this Corporation, or by such other person authorized by by-law of this Corporation to endorse such
Certificate of Ownership, transferable.
Dated at the Township
September, 2024
of Oro-Medonte in the Province of Ontario, this 1st day of
, under the authority of By-law No. 2016-043 of the Corporation
entitled "A by-law to raise money to aid in the construction of drainage works under the Tile Drainage Act."
Corporate Seal 1 -
Randy Greenlaw
Name of Head of Council
Nelly Morrow
Name of Treasurer
Signature
Signature