HomeMy WebLinkAboutBy-law 1072/79
THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1072/79
Being a by-law to raise money to aid in
the construction of drainage works pur-
suant to The Tile Drainage Act, 1971.
The Council of the Corporation of the Town of Pickering hereby
enacts as follows:
1. The Corporation of the Town of Pickering 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 $50,000.00, as may be determined by the council,
and 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 Tile Drainage Act,
1971 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 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 Corporation of the Regional
Municipality of Durham to include a sum, not exceeding the
amount applied for or 75 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 principal and interest as provided by the Act.
4. This by-law shall take effect upon its approval by the
Ontario Municipal Board.
5. By-law 3765 is hereby repealed.
By-law read a first, second and third time and finally passed this
17th day of December 1979.
Mayor
Clerk