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HomeMy WebLinkAboutBRU 85 006 amend mun drain # 16 CORPORA'rIOII OP 'rIlE TmiJlSHIP OP BRUCE BY-LAW BO. 85-6 BEING A BY-LAW to revise the assessment to property owners, and set the interest rate and annual payment. WHEREAS the Municipal Drain known as the Municipal Drain #16 in the Township of Bruce having been completed and the actual cost has been determined. AND WHEREAS the Engineer has submitted the actual assessments, and the assessed property owners have been properly notified of the amounts. NOW THEREFORE the Council of the Corporation of the Township of Bruce enacts as follows: (1) That certain persons have not commuted their cost of the Municipal Drain #16, hereby sets the interest rate at 13~% per annum compounded semi-annually. (2) The amount shall be payable over a period of five (5) years using an interest factor of .1369 equalling $273.80 per annum per $1,000.00. CONC. LOT ROLL NO. OWNER TOTAL PER ANNUM 10 9 3-022 B. Jones $2,997.60 $ 829.73 11 9 3-071 K. Jones $3,977.84 $1,101. 06 11 10 3-072 K. Jones $1,561. 86 $ 427.63 $8,537.30 $2,358.42 (3 ) That the balance maybe paid up at any time by using the following factors. Principal outstanding at the end of each year. Year 1 .848 X Original Balance Year 2 .675 X Original Balance Year 3 .478 X Original Balance Year 4 .254 X Original Balance Year 5 (4) That this By-law shall form part of Schedule nAIf of By-law #83-22. By-law introduced and read a First time this THIRD day of APRIL, 1985. By-law read a Second time this THIRD day of APRIL, 1985. By-law read a Third time and finally passed, signed, sealed and numbered 85-6 this THIRD day of APRIL, 1985. u. -fd!v -fµ h-. .k.-¡S REEVE SEAL ~ - - ~ ~ ~