HomeMy WebLinkAboutBy-law No. 2003-053 CORPORATION OF THE
MUNICIPALITY OF BAYHAM
BY-LAW NO. 2003-053
BEING A BY-LAW TO RAISE $250,000 TO AID IN THE
CONSTRUCTION OF DRAINAGE WORKS UNDER THE
TILE DRAINAGE ACT.
THE COUNCIL OF THE CORPORATION OF TILE MUNICIPALITY OF BAYHAM
ENACTS AS FOLLOWS:
1. The Corporation may from time to time, subject to the provisions of the by-law, borrow
on the credit of the Corporation such sums not exceeding in the whole $250,000, as may
be determined by the council, and may in manner hereinafter provided, issue debentures
of the Corporation for the amount so borrowed as provided in the Act payable to the
Minister of Finance at the Ministry of Treasury and Economics at Toronto, 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 75 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 in the Act.
READ A FIRST AND SECOND TIME this 5th day of June,2003.
READ A TIBRD TIME AND FINALLY PASSED this 5th day of June,2003.
.91:Z12,4A
MAYO
K DEPUTY-CLERK