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BYLAW 28-0271 ~--- I (~~ I I i i I ~ I BY-LA W NO.......m.~..1t....., TOWN OF TECUMSEH -."'-..---' BY-LA W to provide for borrowing $1499.28 upon debentures to pay for the construction of ~ Tile Drains on the East and west sides of Bedell Avenue from the southerly limit of the Tecumseh Road to the southerly limit of Bedell Avenue and on the north and south sides of Church street from the east side of Bedell Avenue to the westerly limit o:f the east half of Farm Lot ].53:- .'---...-- WHEREAS, pursuant to construction By-law day of I-Tovember, 19 27, a Tile Drains has been constructed on the east and west sides of Bedell AvenMmt'rom the southerly limit of the Tecumseh Road to the southerly limit of Bedell Avenue and on the north and south sides of Church street from the east side of Bedell Avenue to the westerly limit of the east half of Farm Lot l53; 248 passed on the 16th '---' as a local improvement under the provisions of the Local Improvement Act. ~~ŒQ6A~xtl\~ Pt~è'i~Xætici~ Mt3AltP\ ~ãã~~~ "ä~ AND WHEREAS the total cost of the work is $1499.28 of which $358.82 is The Corporation's portion of the cost, and $1140.46 is the owners' portion of the cost, for which a special Assessment Roll has been duly made and certified. AND WHEREAS the estimated lifetime of the work is 10 years. AND WHEREAS it is necessary to borrow the said sum of $1499. 28 onthe credit of the Corporation and to issue debentures therefor bearing interest at the rate of six per cent. per annum, which is the amount of the debt intended to be created by this By-Law. AND WHEREAS it is expedient to make the principal of the said debt repayable in yearly sums during the period of ten years, of such amounts respectively that the aggregate amount payable for principal and interest in any year shall be equal as nearly as may be to the amòunt so payable for principal and interest in each of the other years. AND WHEREAS it will be necessary to raise annually the sum of $203.71 during the period of ten years to pay the said yearly sums of principal and interest as they become due, of which $48. 75 is required to pay the Corporation's portion of the cost and the interest .---- thereon, and $154.96 is required to pay the owners' portion of the cost and the interest thereon, \ ---- AND WHEREAS the amount of the whole rateable property of the Municipality '--- according to the last revised assessment roll, is $ 1 t 832, 279.00 AND WHEREAS the amount of the existing debentures debt of the Corporation (ex- clusive of local improvement debts), secured by special rates of assessment is $ and no part of the principal or interest is in arrear, "", ' ì '-----" .,,---..../ ',,----- ''-----/' '-----" ',-----" "------ _"J -w_1 ---- :'....-,-<. THEREFORE the Municipal Council of the Corporation of the Town of Tecumseh enacts as follows: 1. That for the purpose aforesaid there shall be borrowed on the' credit of the Corporation at large, the sum of $1499.28 and the debentures shall be issued therefor in sums of not less than ~ß100 each, bearing interest at the rate of six coupons attached thereto for the payment of the interest. per cent. per annum, and having 2. The debentures shall all bear the same date, and shall be issued within two years after the day on which this By-law is passed, and may bear any date within such two years, and shall be payable in ten annual instalments during the ten years next after the time when the same are issued. and the respective amounts of principal and interest payable in each of such years shall be as follows: No. Principal Interest Total 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. $113.75 120.58 l27.81 l35.48 143.61 l52.23 l61.36 171.04 l81.30 192.l2. $89.96 83.13 75.90 68.23 60.10 51.48 42.35 32.67 22.41 1l.59 $203.7l 203.71 203.71 203.71 203.71 203.71 203.71 203.7l 203.71 203.71 3. The debentures as to both principal and interest may be expressed in Canadian currency and may be payable at any place or places in Canada. 4. The Mayor of the Corporation shall sign and issue the debentures. and the same shall also be signed by the Treasurer of the Corporation, and the debentures shall be sealed with the seal of the Corporation, and shall have coupons annexed theteto for the payment of interest, which shall have the signature of the Treasurer signed, printed, stamped or lithographed thereon. 5. During ten years, the currency of the debentures, the sum of $203.71 shall be raised annually for the payment of the debt and interest, as follows: The sum of $48.75 shall be raised annually for the payment of the Corporation's portion of the cost and the interest thereon, and shall be levied and raised annually by a special rate sufficient therefor, over and above all other rates, on all the rateable property in the municipality, at the same time and in the same manner as other rates. .I Passed this 22nd day of February 1928. -{ ...... ........... '-_! i-, '.. \--..' For the payment or the owners' portion or the cost and the interest thereon. the special assessment set forth in the said Special Assessment Roll is hereby imposed upon the lands liable therefor as therein set rorth; which said special assessment, with a sum sufficient to cover interest thereon at the rate aforesaid. shall be payable in equal annual instalments or each, and ror that purpose an equal annual special rate or cents per foot rrontage is hereby imposed upon each lot entered in the said Special Assessment Roll. according to the assessed frontage thereof. over and above all other rates and taxes, which said special rate shall be collected annually by the Collector or Taxes for the Corporation, at the same time and in the same manner as other rates, >~ ~, For the payment of the owners' portion or the cost and the interest thereon, the special assessment set forth in the said Special Assessment Roll is hereby imposed upon the lands liable therefor as therein set forth; which said special assessment. with a sum sufficient to cover interest thereon at the rate aforesaid. shall be payable in 10 equal annual instalments of $ $154.96 each, and for that purpose the special annual rates per foot frontage set forth in schedule (1) hereto attached. are hereby imposed upon the lots entered in the said Special Assessment Roll, according to the assessed frontage thereof, over and above all other rates and taxes, and the said special rates shall be collected annually by the Collector of Taxes for the Corporation at the same time and in the same manner as other rates. \ , ---- 6. The debentures may contain any clause providing for the registration thereof. authorized by any statute relating to municipal debentures in force at the time of the issue thereof. .~ 7. The amount of the loan authorized by this By;law may be consolidated with the amount of any loans authorized by other local improvement by-laws, by including the same with such other loans in a consolidating by-law authorizing the borrowing of the aggregate thereof as one loan, and the issue debentures for such loan is one consecutive issue, pursuant to the provisions of the statute in that behalf. 8. This By-law shall take effect on the day of the final passing thereof. Mayor. ',,---, ~~rk. ~ r- -" \.:". '.,. {~""ß J;;~- ,!: . <{;; e - þj þj þj þ" :2i m (") c+ ..... 1-:3 c+ m 1-:3 c+ 1-" b:J 0 () () () P' () 1-" þ" þ" 1-" () þ" 1-" 1-" 0 i.3 ~ I-J;¡ P' P' P' .....m p.Jr:: () s Q () p......C'ul:? I p. P. P. 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