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HomeMy WebLinkAboutBy-law 3724/69 THE CORPORATION OF THE TOt~SHIP OF PICKERING BY-LA~ NI~BER ~?2J/~ ~ A By-law to raise $1OO,000.00 to aid in the construction o'~ tile, stone or timber drains. The Council of The Township of Picketing, p~rsuant to The Tile Drainage Act, ENACTS AS FOLL0~'IS: 1. The Reeve may from time to time, subject to the Drovisions of this by-law, borrow on the credit of the Corporation of the Municipality such s~m not exceeding in the whole $100,O00.00, as may be determined by the Council, and may in the manner hereinafter provided issue debentures of the Corporation in such sums as the Council may deem proper for the amount so borrowed, with coopons attached as provided in section 4 of The Act. 2. Subject to Section 10 of The Tile Drainage Act, when the Council is of opinion that the application of any person to borrow money for the purpose o£ constructing a tile, stone or timber drain should be granted in whole or in part, the Council may, by resol~tion, direct the Reeve to issue debentures as aforesaid and to borrow a sum not exceeding the amount applied for, and may lend the same to the applicant on the completio~ o~ the d~aina~e works. 3. A special annual rate shall be imposed, levied and collected over and above all other rates upon the land ir respect of which the money is borrowed, smfficient for the payment of the principal and interest as provided bM the Act. 4. By-Law 1048 be and the same is hereby reDealed. By-Law read a first and second time this ~ day of ~9~, 1969. eeve[ Clerk By-Law read a third time and PASSED this /~ day of ~/~, 196o.