ELLER, TF EN NEA aa tect cheat acer ae out 4 a « 4 t i 3 4 L i 2 neta Tete asnR THE CORPORATION OF THE CITY OF PORT COQUITLAM BY-LAW NO. 1553 A Bylaw to provide for the Appropriating from the "Local Improvement Fund" of the sum of Eleven Thousand Six Hundred Four and 10/100 Doilars ($11,604.10) required to meet the owners' portion of the cost of the work authorized by By-law No. 1429, WHEREAS pursuant to the provisions of the "Rindall Avenue Pavement, Extruded Concrete Curb, and Storm Sewer Local Improvement Construction By-law, 1976, No. 1429" cerrain works therein provided have been constructed as local improvements under the provisions of the "Municipal Act"; AND WHEREAS the total cost of the work is Fifty-four Thousand, Nine Hundred Thirty~six and 33/100 Dollars ($54,936.33) of which Forty-one Thousand, Four Hundred Twelve and 23/100 Dollars ($41,412.23) is the Corporation's portion of the cost, and Thirteen Thousand, Five Hundred Twenty~four and 10/100 Dollars (13,524.10) is the owners’: portion of the cost, for which a frontage tax assessment roll has been made and certified; AND WHEREAS One Thousand, Nine Hundred Twenty Dollars ($1,920.00) of the owners’ share of the cost has been recovered by payments in cash; AND WHEREAS the estimated lifetime of the work is Twenty (20) years; AND WHEREAS the Corporation has set up a "Local Improvement Fund" in accordance with the provisions of Section 305 of the "Municipal Act" and at the date of this By-law there remains the total of Eighty-four Thousand, One Hundred Thirty-two Dollars ($84,132.00) in this Fund which is not committed or appropriated; AND WHEREAS it is necessary to appropriate from the said "Local Improvement Fund" the sum of Eleven ‘thousand, Six Hundred Four and 10/100 Dollars ($11,604.10) to meet the owners’ portion of the costs of the works authorized by the suld By-law No. 1429 and to provide for the repayment to the said Fund of an appropriate share of the frontage tax imposed sufficient to recover the money so appropriated together with interest thereon at the rate of Ten and one-half (10.5%) percentum per annum; and the sum se appropriated is the amount of the debt intended to be created by this by-law; AND WHEREAS it is deemed ‘expedient to make the principal of the said debt repayable in yearly sums during the period of ten (10) years;