HomeMy WebLinkAboutBy-law 4387/73
THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER A4387173
30
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 time, subject to the
provisions of this by-law, borrow on the credit of
the Corporation such sums not exceeding in the aggregate
$100,00.0.00 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 owning 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 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. That application shall be made to the Ontario Municipal
Board for approval of this by-law and the certification
of the debenture to be issued pursuant to Section 64 and
Section 65 of The Ontario Municipal Board Act.
By-law read a First, Second and Third Time and PASSED in open
Council this IR 2j day of
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