HomeMy WebLinkAbout73-40BORROWING BY -LAW OF THE CORPORATION OF THE
TOWN OF B0101ANVILLE
By -Law No. 73 -40
A by -law to raise money to aid in the construction
of works and building repairs under The Shoreline
Property Assistance Act, 1973.
The Council, pursuant to The Shoreline Property Assistance Act, 1973,
enacts as follows:
1. The Corporation may from time to lime, subject to the provisions of
this by -law, borrow on the credit of the Corporation such sums not
exceeding in the agCregate $ as may be determined by the
Council, 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 redeem the
debentures at any time on payment of the whole amount of principal
and interest owing at the time of such repayment.
2. Where an application for a loan under the Act is approved by the
Council and the inspector has filed with the Clerk an inspection
and completion certificate, the Council may include a sum, not
exceeding the amount applied for or 90 per cent of the total cost
of the works or building repairs with respect to which the loan is
made or such other maximum amount as is prescribed by the regulations
under the Act, whichever is the lesser, in a debenture payable to
the Treasurer of Ontario in accordance with the Act, and may approve
of the Corporzition 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.
Passed this 7th day of August, 1973.
Seal
Ivan M. V9DDS, Mayor
. M. Icllroy, Clerk- Administrator