HomeMy WebLinkAboutBRU 84 003 mun drain # 15
CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW '84-3
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 #15 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 15, hereby sets the interest rate at 14% per annum compounded
semi-annually.
(2) The amount shall be payable over a period of five (5) years
using an interest factor of .1449 equalling $294.72 per annum
per $1,000.00.
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Lot Owner Total Per Annum
W~ 31 J. Vandebor $ 856.70 $ 252.48
30 D. Zavitz $ 3,842.84 1,132.56
31 J. Vandebor 6,728.33 1,982.97
32 A. Thornburn 6,739.06 1,986.13
E~34 C. Dalton 1,655.68 487.96
$19,822.61 $5,842.10
Con.
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(3) That balance maybe paid up at any time by using the following
factors.
Principal outstanding at the end of each year.
Year 1 .85018 x Original Balance
Year 2 .67865 x Original Balance
Year 3 .48227 x Original Balance
Year 4 .25743 x Original Balance
Year 5 ------
(4) That this By-law shall form part of Schedule "A" of By-law #83-26
By-law introduced and read a First and Second time this SEVENTH day of
MARCH, 1984.
By-law read a Third time and finally passed, signed, sealed and numbered
84-3 this SE:\í'~TH day of MARCH, 1984.
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