HomeMy WebLinkAboutBRU 82 007 rates mun drain #12
CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW #82-7
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 #12 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 #12, hereby sets the interest rate at 18.25% per annum compounded
semi-annually.
(2) The amount shall be payable over a period of five (5) years using an
interest factor of .19082656 equalling $327.65 per annum per $1,000.00.
Con. Lot Owner Total Per Annum
8 22 A. Davey & Sons Ltd. $1,033.05 339.13
8 23 W. & E. Irwin 2,144.59 702.67
.7 24 A. Davey & Sons Ltd. 10,617.06 3,478.68
. 6 E~ 24 A. Davey & Sons Ltd. 2,692.91 882.33
.6 25 A. Davey & Sons Ltd. 2,379.11 779.52
$18,866.72 $6,182.33
(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
Year 2
Year 3
Year 4
Year 5
.863 X
.700 X
.506 X·
.275 X
Original Balance
Original Balance
Original Balance
Original Balance
(4) That this By-law shall form part of Schedule "A" of By-law 81-27.
/
By-law introduced and read a First time this TWENTY-FIFTH day of JUNE, 1982..
By-law read a Second time this TWENTY-FIFTH day of JUNE, 1982.
By-law read a Third time and finally passed, signed and numbered 82-7 this
TWENTY-FIFTH day of JUNE, 1982.
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