HomeMy WebLinkAboutBRU 69 982 Borrowing By-law
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of the
TOWNSHIP OF BRUCE in the County 0 Bruoe
A by-law to provide for drainage works in the Township of Bruoe,
in the County of Bruoe, and for borrowing on the oredit of th Munioipal-
ity the sum of 163,900.00 for completing the Drainage Works.
~ Whereas the requisite number of owners, as shown by the 1 st revised
assessment roll, of the prope~ty hereinafter set forth requir ng drainage
have petitioned the Council of the Township of Bruce praying hat the
following lands ahd roads may be draineddby a drainage works:
-Lots 10 to 20 inclusive in 60noessions 4 and 5 in the said '1' wnship of
Bruce; the roads between 60ncessions 4 and 5 in the said Town hip; and
sideroads between lots 10 and 11 and lots 15 and 16 in the sa d Township.
AND WHEREAS the Council has procured a report made by B.M Ross and
Assooiates Limited of Goderich, Ontario, whioh report, es and
assessments soheduled is attaohed hereto and forms a part of his By-Law
on·
No. 982.
AND WHEREAS the Counoil of the Township of Bruoe is opinion
that the drainage of the area described is desirable;
THEREFaBE' 'the 'Councll'of the Township of Bruce purl!uant the
Drainage Act.~962-63, enacts as follows:
1. The report is hereby adopted, and the drainage works a therein
indicated and set forth are hereby authorized and shall be co pleted
in aocordance therewith.
2. The Corporation of the Township of Bruce may borrow on the credit
of the Corporation the sum of 163,900.00, being the funds nec ssary for
the drainage works not otherwise provided for; provided that
shall be reduced by the amount of grants and commuted payment with
respect to lands and roads assessed, and œy issue debentures of the
Corporation to that amount in sums not less than t50.00 each, and payable
within....~...years from the date of such debentures of th Corporation
to that amount with interest at the rate of 7~;pBe centum p
such debentures to be payable at the Royal Bank of Canada at its office
in Paisley, Ontario, and to have coupons attached for the pa
interest
3. For paying the sum of iM1."". ðð the amount charged a a inn'csuch
lands and roads for Benefit, an4the sum of t6~ðð agains such lands
and roads for outlet liability and for covering interest the eon for..~
years, at the rate of.:7. f.¡ .per cent per annum, the following total spec1al
.,
.
-; ~ ...~.,. ','
: ...- . ',~
rates over and above all other rates shall be assessed, levi d and
collected in the same manner and at the salle time as other ta es are levled
and collected upon and trom the paroels of land and parts of arcels and
roads as 1U1med in the report, estill8tes, and assessments of B M. Ross
and "soc1ates Llm1ted; and the amount
1 1
of t e total
speclal rates and interest against. each parcel or part of a p rcel
respectl1"ely shall be dlvlded into...:-f':.. .equal parts" and on of such
part shall be assessed levled aDd colleoted as aforesald, ln aoh year
for ...1: . years , after the pa881Dg of '!thls by-law, during which he debent-
ure. bave to J'\ûI., provlded that no greater amount shall be Ie led than
ls required atter taking into acoount and orediting the amoun of Grants
as provlded b7 the Drainage Act Ii'I' any other Met,or by-law of the
Plun101pellt;r, and cOlllll1ted payments wl th respect to lands and roads
assesse4~
!~ 4.Por payiDg the sum of t40,010.00, the amount assessed a ainst the
thereon for .e lear at
\
area of the R\mlo1pal1ty,
the 1"11~ ot.?:i.,.per cent
and for 001" r1Dg interest
per annum a spec1al
roads and landsln thls
rate, suffioient to proauca the H..1red yearly amount ther
, .ball
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over .d abø1"8 all othWrates, ",~1"1ed"'« collected 111 th aame
..' . . . . . . "'. . " . ~----
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ønner and at the same time as other rates and taxes are levl d and
sl\lp
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oollected upon and troa the whole rateable property 1n the '1'
of Bruoe for one year atter t~'P8tltling of this by-law.
.s . fill. b;r..law 00me8 into el't'eet on the pe 8S 1ng thereof,
01 te4as tJ:ae~h otBruoe .........IIiV "orks..
d øy be
Flrst Bead1Jlc.. Pth'T. j".ß.~ . .. . . . .
Second BeadbJg.~"ߢ(. n....'..
'l'h1rd BeadlDg... ,~,. j'/~.?........
Enaoted this."~..... .day ot.,.".......... .19~
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