Loading...
HomeMy WebLinkAboutTIV 1937-336 Borrowing By-law 'tlt O~:J;~1 BYLA3 to provide.for tbe borrowing of ($1.000) upon Debentures to pay for the oonstruotion of Ourbing and extension of re-tread road and the neoe- esary drainage on the North and South side of Queen street ,from Post Offioe to the East end of Alex MoFarlan's Hardware store. ~~AB pursuant to oonstruotion By-Law No.33~ ~~seed on tbe 4th.DAY of August 1936,a ourbing and extension of rs-tread7RHa tbe neoessary drain- age bas been oonstruoted on 4ueen street from Post Offioe to tbe East end of Alex MaoFarlane's Hardware stDre as Looal Improvement under the pro- visions of the LOOAL IMFROVEMEHT AOT. .... ,t-'l '-.:.. BY LAII NO. 336 ] . AND i~REAS the total oost of the works is $1.226.00 of whioh.$941.64 is the Oorporation poriion of tbe oost and,i228.36 ae the owner's portion of the oost ,for whiob a speoial Aeeeement Rool has beeo duly made and Oert I' if1ed. AND ifBEREAB the eetimated lifetime of the work is Ten years and I . I ( i1bereas it ie neoeesary to borrow the eaid sum of $1.000. 00 tbe oredit of tbe oorporatioo.ood to ~esue Debentures tberefor,bearing interest at tbe rate of Three and one balf Per Oent per .nnum,whioh ie the amount of debt intended to be oreated by this By-Law. ( AND iniliREbB it is expedient to make the prinoipal of the eaid debt re- payable in yearly sums ,during tbe period of Ten yeare,of euoh amounts r respeotively that tbe aggregate amount payable for prinoipsl and interest in any year shall be equal ae nearly ,as may be to the amount eo payable for prinoipal and intereet in eaoh of tbe other years. -. ~ i~llliAB it will be neoessary to raise the annual sum of ~120.24 durtug the period of Ten Yeare,to pay the said yearly sums of prinoipal and interest as they beoome due of whioh,iB6.30 is required to pay the Oorp. orqation's portions of tbe oost and the interest thereon and $34.14 is required to pay the owners portione of the ooets sad interest thereon. AND '3BEREAB the.amount of the whole rateable property of the Munioipality according to the laet revised aseesemant rool is ~B3.9l6.' ADD ',VHEREAB the amount of the existing debenture debt of the Oorpor4ti.:,,___.. is none. THEREFOR the Munioipal oouncil of the Village of ~iverton enaots as followe (1) THAT for the purpose aforesaid,there shall be borrowed on tbe or~dit of tbe Oorporation at large ,the sum of One Thousand Dollars and debentures . shall be iseued therefor in sums not less tban i60.eaob being interest at , tbe rate of Three and one balf per oent per annum and being aoupons attaohed thereto. for the payment of the interest. (2) THE debentures shall all bare tbe eame date,and shall be issuedwitliln two years aft6r the day on whioh thie tbie By-Law is passed ,and may be any date within suoh two years;and sball be payable in Ten annual instalments during tho Ten :velUlI next after. the time 'when tbe same are iesued and the - rospeotive amounts of llrinui~8l iiiliJ1ahle 1,n lIBOl! suoh yoa1'e -:/It.. . shall be 8.B :foUo'lle-: ", .'("";f,.~ .,..=...,-,,;:-. . : --;:,J f"'c..-_ :'~~.. ,'~_,,-- _ -:4'i.~ -I 0.-.- - , ~ , '~. ' , p'IaE{&r'oji-'U-LAiT 110".33'6 -_......~....... ..... " . . 110 PRIlIOIFAL I~EREST TOTAL 1 86.24 36.00 120.24 194~ 2 88.23 32.01 120.24 1,4P 3 91.31 2'8.93 120.24 1,4', 4 ' 94.61 26.73 120.24 ""~ 6 97.a2 22.42 120.24 ,..,1 6 101.24 19.00 120.24 19-v.z 7 104.79 16.46 120.24 /91,1' 8 ,108.46 11.79 120.24 191i II 9 -,112.24 7.99 120.24 "'t'~" /' i' 10.,l.rJM'~~ 4.06 1~.;~ Ltotl. I (3) ~;:b;rlt;;;;-;;-t~-b~th-pr:r~~;i-;;d-1~t;;;;t-;h;ii-b;.;;;;;;;;6-- d',Jf in Oanadian ourrenoy · (4) THE,Reeve and the Treasurer of the Oorporation shall ~ign tJe whioh shall be sealed with the seal of the oorporation · (6) DORING Ten Years the ourrenoy,of the debentures,the sum of i120.24 shall be raised Annually for the payment of the debt,and inte~est aa ,fol- lows-: The sum of t86.30 shall be raised annually for the payment of the Oorporation's portion of the oost and the interest thereon,and shall be levied,and raised annually by a speoial rate suffioient therefor ,over and above all other rates on all the rateable property in the Munioipaliti~ at the eame time and in the same manner as other rates. FOR the p~ment of the owner's portion of the oost and the interest t thereon,the speoial asseesment set forth in the said speoial aeeesement rool.is hereby iaposed on the land liable therefor as therein set forth, . 'i whioh said speoial assessment with a sum suffioient to oover interest th- ereon at the rate aforesaid,shall be payable in Ten equal annual instalm- ents of ($34.14) eaoh,and for that purpose an equal annual speoial rate of 6.3 ~ents per foot frontage is hereby imposed on eaoh lot enter~d 1n the said speoial aosess.ent rool aooording to the asseesed trontage th:~e- --- ,we of over and above all other rates and Taxes. ,(hioh speoial rate shall be oolleoted annually by the oolllotor of Taxes -_.-,.~ , ~ for the Oorporation at the same time and in the same manner as other rates TElS BY-LAW shall take effeot on the day of the final ~aseing thereof. PASSED this II d{" /7 Day of r A.D~ 19~.Y. ,1 IJ"""J~t.Jr..~~ ~ / /d.,<~-tA...J tf<'t'. ..1</ 'f.- _ ../.. ~ I lJf-. ~ -;6')JJ"-' , . W -.-. -t <;!'.)' 7 ~ ad :JJ.. , , Pc 311 ~.;" I.; I~ (J.'i t -:-,+'__ ------:. _.... ---,.,.._7.~.,,:__;_.. -. ... ~.-... . . ,... _-,...;t!__ ..;.----"'~~ ...';~IO<.-' .i ~.-'-~L_j'