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.