HomeMy WebLinkAboutCD-50-84 CORPORATION OF THE TOWN OF NEWCAafLE
<J� OFFICE OF THE TOWN CLERK
40 TEMPERANCE STREET TELEPHONE 623-3379
BOWMANVILLE, ONTARIO
L1C 3A6
REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MEETING OF
SEPTEMBER 17, 1984.
CD-50-84 - File: 10.29.2.
SUBJECT: BORROWING BY-LAW - TILE DRAINAGE ACT TO AID IN THE
CONSTRUCTION OF DRAINAGE WORKS
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration
Committee recommend the following to Council :
1 . That this report be received; and
2. That Council enact a By-law entitled "A By-law to raise money to aid in
the construction of Drainage Works under the Tile Drainage Act, 1971" in
an amount not exceeding $150,000.00; and
3. That the attached By-law be given two readings by Council and the Clerk
directed to obtain all of the necessary approvals.
BACKGROUND AND COMMENT:
The passing of borrowing by-laws for Tile Drainage Loan purposes, are
undertaken by Municipal Council on a regular basis. The last by-law
(By-law 82-77) provided for the borrowing of $150,000.00. During a
conversation with a member of the MInistry of Agriculture and Food, it
was established, that the Town of Newcastle had only $74,000.00 in
borrowing capacity and it was suggested that a new By-law ought to be
processed in an amount sufficient to cover about three years' funding.
Continued . . . . ./2
C
CD-50-84 - 2 - September 17, 1984
Because of the time involved in obtaining the necessary approvals, it
is recommended that the attached borrowing by-law be forwarded to Council ,
given two readings, and subsequently that an application be made to the
Regional Municipality of Durham and The Ontario Municipal Board for its
approval.
Respectfully submitted,
David W. Oakes, B.A. , A.M.C.T. ,
Town Clerk.
DWO/ms
Attachment.
August 3, 1984.
l
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW 84-
being a by-law to raise money to aid in the
construction of drainage works under the Tile
Drainage Act 1971
THE COUNCIL, PURSUANT TO THE TILE DRAINAGE ACT 1971, ENACTS AS FOLLOWS:
1. The Corporation may from time to time, subject to the provisions of
this by-law, borrow on the credit of the Corporation such sums not
exceeding in the whole $150,000.00 (One hundred and fifty thousand
dollars) as may in manner hereinafter provided, arrange for the issue
of debentures on behalf 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 principle 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 of drainage has filed with the Clerk an
inspection and completion certificate, the Council may apply to the
Regional Municipality of Durham to include a sum, not exceeding the
amount applied for or 60 per cent of the total cost of the drainage
work with respect to which the loan is made, in a debenture payable
to the Treasurer of Ontario 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 principle and interest
as provided by the Act.
By-law read a first and second time this 24th day of September 1984.
By-law read a third time and finally passed this day of 1984.
ayor
Clerk