HomeMy WebLinkAboutBRU 83 005 mun drain interests
CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW #83-5
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 #13 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
13, hereby sets the interest rate at 14% per annum compounded semi-
annua lly.
(2) The amount shall be payable over a period of five (5) years using an
interest factor of .144900 equalling $294.90 per annum per $1,000.00.
Con. Lot Owner Total Per Annum
2 19 D. & J. Brown $2,314.03 $ 682.41
2 20 H. Brown 4,363.61 1,286.83
2 21 H. & D. Brown 3,824.77 1,127.92
3 21 K. Roppel 8,235.52 2,428.65
3 22 W. Ravel 1 5,782.52 1,705.27
. $24,520.45 $7,231.08
(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 .850 X Original Balance
Year 2 .679 X Original Balance
Year 3 .482 X Original Balance
Year 4 .257 X Original Balance
Year 5
(4) That this By-law shall form part of Schedule "A" of By-law #82-18.
By-law introduced and read a First time this SECOND day of MARCH, 1983.
By-law read a Second time this SECOND day of MARCH, 1983.
By-law read a Third time and finally passed, signed and numbered 83-5 this
SE~º~~ day of MARCH, 1983.
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