THE CORPORATION OF THE CITY OF PORT. COQUITI AN

wun  GCOUNC

A By-law to provide for the Appropriating from the “Local MAR | 8 4090
Improvement Fund” of the sum of Twenty~six Thousand Five Hundred Sixty .
Dollars and Ten Cents ($26,560.10) required to meet che owners' portion
of the cost of the work authorized by By-law No. 1352. .

WHEREAS pursuant to the provisions of the "Handley Crescent
Pavement, Extruded Concrete Curb, and Storm Sewer Local Improvement
Construction By~law, 1974, No. 1352" certain 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 Sixty-nine Thousand

Tweypty-rline Dollars and Sixty-one Cents ($69,029.61) of which Forty-two

Yhousand Four Hundred Sixty-nine Dollars and Fifty-one Cents ($49,469.51)
is the Corporation's portion of the cost, and Twenty~six Thousand Five
Hundred Sixty Dollars and Ten Cents ($26,560.10) is the owners‘ portion of

the cost; for which a frontage tax assessment roll has been made and

certified; : ‘ to

AND WHEREAS no portion 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 Seventy-eight Thousand
Five Hundred Ninety-two Dollars and Seventy-nine Cents ($78,592.79) in this
fund which is not committee or appropriated;

AND WHEREAS it is! necessary to appropriate from the said "Local
Improvement Fund" the sum of Twenty-six Thousand Five Hundred Sixty Dollars
and Ten Cents ($26,560.10) to meet. the owners’ portion of ‘the costs of the
works authorized by the said By-law No. 1352 and to provide for the repayment
to 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 percentum (1045%) per annum; and the sum so
apprepriated 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;