HomeMy WebLinkAbout91-65
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THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW 91-65
being a by-law imposing special annual
drainage rates upon land in respect of which
money is borrowed under the Tile Drainage
Act, R.S.O. 1980
WHEREAS owners of land in the municipality have applied to the
Council under the Tile Drainage Act, R.S.O. 1980, for a loan for
the purpose of constructing sub-surface drainage works on such
land;
AND WHEREAS the Council of the Corporation of the Town of
Newcastle has upon their application, lent the owners the total
sum of $20,000.00 to be repaid with interest by means of rates
hereinafter imposed;
BE IT THEREFORE ENACTED BY THE COUNCIL OF THE CORPORATION OF THE
TOWN OF NEWCASTLE:
THAT annual rates as set out in Schedule "A" attached hereto are
hereby imposed upon such land for a period of ten (10) years,
such rates to be levied and collected in the same manner as
taxes.
By-law read a first and second time this 27th day of May 1991
By-law read a third time and finally passed this 27th day of
May 1991
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THE CORPORATION OF THE TOWN OF NEWCASTLE
SCHEDULE "A" TO BY-LAW 91- 65
NAME AND ADDRESS
OF OWNER
DESCRIPTION OF
LAND DRAINED
PROPOSED DATE
OF LOAN
SUM TO BE
LOANED
ANNUAL RATE
TO BE IMPOSED
Alvin Metcalf
R.R. #2
Bowmanville
L1C 3K3
Part Lot 20
Concession 1
Former Township
of Darlington
July 1, 1991
$20,000
$2,980.00
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10 YEAR REPAYMENT FACTOR: 14.90 - 8%
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BY-LAW NUMBER 107-91
OF
REGIONAL MUNICIPALITY OF DURHAH
CF.JnmEo A tRUt: \..vt'Y
JUN 1 .. 1991
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THE
being a by-law to raise money to aid in the construction of drainage
works under The Tile Drainage Act, R.S.O. 1980, in the Regional
Municipality of Durham.
The Council of the Regional Municipality of Durham (hereinafter
termed "Regional Municipality") pursuant to The Tile Drainage
Act, R.S.O. 1980, enacts as follows:
1. The Regional Municipality may from time to time, subject to the
provisions of this by-law, borrow on the credit of the Regional
Municipality such sums not exceeding in the whole $20,000.00 on
behalf of the area municipality as set forth in Schedule "A", and
may in the manner hereinafter provided issue debentures of the
Corporation for the amount so borrowed as provided in the Act
payable to the Treasurer of Ontario at the Parliament Buildings,
Toronto, which debentures shall reserve the right to repay the
whole or any part of principal and interest owing at the time of
such prepayment.
2. Where the Regional Municipality receives requests from one or
more area municipalities for the issue of a debenture in the
amount or amounts not exceeding those set out in Schedule A for
the purposes of the Act, the Regional Municipality shall issue a
debenture for the total of the amount or amounts requested signed
by the head of council and the treasurer and borrow on behalf of
each area municipality a sum not exceeding the amount to be lent
by each area municipality on completion of the tile drainage
works.
3. With respect to each area municipality, the Regional Municipality
not later than thirty days after the issue of the debenture
shall, by by-law impose and levy a special annual rate over and
above all other rates sufficient for the payment of the principal
and interest of the debentures issued by the Regional
Municipality on behalf of that area municipality.
4. Schedule "A" attached hereto forms part of this by-law.
BY-LAW read a first time this 12th day of June,
BY-LAW read a second time this 12th day of June,
BY-LAW read a third time and finally passed this
1991.
1991.
1991.
12th day of June,
Chairman
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C.W. Lundy, Re onlerk
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Town of Newcastle
BYLAW\Drainage.B-L
SCHEDULE "A"
to By-Law Number 107-91
$20.000.00
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CIR"'u;DATRUE~
JUN t 4 1991
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c. . LU~.... --.. u...=...
R ' c..
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REGIONAL MDNICIPALITY OF DURHAM
BY-LAW NUMBER 108-91
of
THE
being a by-law to impose special annual levies upon municipalities in
respect of which money is borrowed under The Tile Drainage Act, R.S.O.
1980, in the Regional Municipality of Durham.
WHEREAS the Town of Newcastle on behalf of the owners of land has
applied to The Regional Municipality of Durham under The Tile
Drainage Act, R.S.O. 1980, for a loan for the purpose of
constructing sub-surface drainage works on lands;
AND WHEREAS the Regional Municipality of Durham has upon such
application issued a debenture for the total sum of $20,000.00
to be repaid with interest at 8 percent per annum by means of a
special rate hereinafter imposed.
NOW, THEREFORE, BE IT ENACTED AND IT IS HEREBY ENACTED as a By-
law of The Regional Municipality of Durham through the Council thereof
as .follows:
1. The Council of the Regional Corporation hereby ascertains and
directs that the sum of $2,980.00 as set out in Schedule "A" attached
hereto is hereby levied in the years 1992 to 2001 inclusive against
the Town of Newcastle as set out in Amortization Schedule "B".
2. The Treasurer of the Town of Newcastle shall pay to the Treasurer
of the Regional Corporation the sum as set out in Schedule "A" at the
time as set out therein.
3. If the Town of Newcastle fails to make any payments as provided
in this by-law, interest shall be added at the rate of fifteen percent
per annum from the date the payment is due until it is made.
4. Schedules "A" and "B" attached hereto form part of this by-law.
BY-LAW read a first time this 12th day of June,
BY-LAW read a second time this 12th day of June,
BY-LAW read a third time and finally passed this
1991.
1991.
1991.
12th day of June,
G~airm
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C. W. Lund
Municipality
Town of Newcastle
BYLAW\Drainage.B-L
SCHEDULE "A"
to By-Law Number
108-91
Date Repayment Sum
Debenture Date Loaned
July 1, 1991 July 1, 1992 to $20,000.00
July 1, 2001
Annual
Imposed
Levies
$2,980.00
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SCHEDULE "B II
to By-Law Number
108-91
Repayment Schedule for Town of Newcastle
Balance
Date PrinciDal Interest Total Outstanding
July 1, 1991 20,000.00
July 1, 1992 1,380.00 1,600.00 2,980.00 18,620.00
July 1, 1993 1,490.40 1,489.60 2,980.00 17,129.60
July 1, 1994 1,609.63 1,370.37 2,980.00 15,519.97
July 1, 1995 1,738.40 1,241.60 2,980~00 13,781. 57
July 1, 1996 1,877.47 1,102.53 2,980.00 11,904.10
July 1, 1997 2,027.67 952.33 2,980.00 9,876.43
July 1, 1998 2,189.89 790.11 2,980.00 7,686.54
July 1, 1999 2,365.08 614.92 2,980.00 5,321.46
July 1, 2000 2,554.28 425.72 2,980.00 2,767.18
July 1, 2001 2.767.18 212.82 2,980.00 0
$20.000.00
BYLAW\Drainage.B-L