THE CORPORATION OF THE CITY OF PORT COQUITLAM

BY-LAW NO. 1554

A Bylaw to provide for the Appropriating from the "Local Improvement
Fund" of the sum of Nine Thousand One Hundred Sixty-five and 51/100
Dollars ($9,165.51) required to meet the owners’ portion of the cost of
the work authorized by By~law No. 1448.

WHEREAS pursuant to the provisions of the "Fraser. Avenue Storm
Sewer Local Improvement Construction By-law, 1976, No. 1448" 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 Ten Thousand, Eight Hundred
Thirty and 87/100 Dollars ($10,830.87) of which Four Hundred Thirty-seven
and 36/100 Dollars ($437.36) is the Corporation's portion of the cost, .
and Ten Thousand, Three Hundred Fifty-three and 51/100 Dollars ($10,353.51)
is the owners’ portion of the cost, for which a frontage tax assessment
roll has been made and certified;

AND WHEREAS One Thousand, One Hundred Eighty~eight ($1,188.00) Dollars
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 und"
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 Nine Thousand, One Hundred Sixty-five and
51/100 Dollars ($9,165.51) to meet the owners' portion of the costs of
the works authorized by the said By-law No. 1448 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 so 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 ycarly sums during the perfod of ten (10) years;