THE CORPORATION OF THE CITY OF PORT COQUITLAM

BY-LAW NO. 1552

A Bylaw to provide for the Appropriating from the "Local Improvement
Fund" of the sum of Nine Thousand Three Hundred Ninety-nine and 96/100
Dollars ($9,399.90) required to meet the owners’ portion of the cost of
the work authorized by By-law No. 1428.

WHEREAS pursuant to the provisions of the "Inverness Street Pavement,
Extruded Conerete Curb, and Storm Sewer Local Improvement Construction
By-law, 1976, No. 1428" certain works therein provided have been constructed
as lecal improvements under the provisions of the "Municipal Act";

AND WHEREAS the total cost of the work is Fifty-one Thousand, Six
Hundred iwenty-one and 48/100 Dollars ($51,621.48) of which Thirty~nine
Thousand, Five Hundred Thirty-five and 58/100 Doilars ($39,535.58) is the
Corporation's portion of the cost, and Twelve Thousand, Eighty-five and
90/100 Dollars ($12,085.90) is the owners' portion of the cost, for

which a frontage tax assessment roll has been made and certified;

AND WHEREAS Two Thousand, Six Hundred Eighty-six Dollars ($2,686.00)

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 Nine Thousand, Three Hundred Ninety-nine
and 90/100 Dollars ($9,399.90) to meet the owners? portion of the costs
of the works authorized by the said By-law No.1428 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 gnd 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 dt is deemed expedient to make the principal of the

said debt repayable in yearly sums during the period of ten (10) years;