BYLAW - $10,200.00 For Gravelling Streets - 19600524 - 144560'--··· "'
THE CORPORATION OF THE TOWN OF AURORA
BY-LAW NUMBER 1445
A By-law to authorize the issue of
Debentures in the principal amount of
$10 1 200 to pay the cost of opening,
grading and gravelling certain streets
as local improvements.
WHEREAS pursuant to Construction By-law Number
the streets referred to in Schedule "B" hereto have been opened,
graded and gravelled as local improvements under the provisions
of The Local Improvement Act;
AND WHEREAS the total cost of each of said works,
the Corporation 1 s portion thereof and the owners• portion thereof
(for which special assessment rolls have been duly made and
certified) are shown in columns 2, 3 and 4 of said Schedule "B";
AND WHEREAS no payments have been received by way of
commutation of special rates;
AND WHEREAS the estimated lifetime of each of the
said works is not less than five years;
AND WHEREAS the Council of The Corporation of the
Town of Aurora deems it expedient to borrow the sum of $10,200,
being the total cost of said works, upon the credit of the
Corporation at large by the issue and sale of Debentures of the
Corporation in the principal amount of $10,200 bearing interest
at the rate of 6-1/4% per annum, which is the amount of the debt
intended to be created by this By-law;
NOW THEREFORE, the Council of The Corporation of the
Town of Aurora enacts as follows:
l. THAT for the purposes aforesaid money shall be
borrowed on the credit of The Corporation of the Town of Aurora
at large by the issue and sale of Debentures of the Corporation
in the principal amount of $10,200 bearing interest at the rate
of 6-1/4% per annum and having coupons attached thereto for the
payment of such interest annually on the lst day of June in each
.year of the currency of the said Debentures.
2. THAT the Debentures shall all be dated the lst day
2
of June, 1960, shall be payable in five annual instalments on
the lst day of June in each of the years 1961 to 1965, both
inclusive, and the respective amounts of principal and interest
payable in each of such years shall be as set forth in Schedule "A"
f~i! hereto, which is hereby declared to be and form part of this By-law.
THAT the Debentures shall be payable as to both prin-
cipal and interest in lawful money of Canada at the Bank of
Montreal in the Town of Aurora or at the principal office of the
said Bank in the City of Toronto or in the City of Montreal, at
the holder 1 s option.
4. THAT the Debentures shall be sealed with the Seal of
the Corporation and signed by the Mayor, or by some other person
authorized by by-law to sign the same, and by the Treasurer, and
the interest coupons attached to the said Debentures shall be
signed by the Treasurer. The signature of the Mayor to the said
Debentures may be written or engraved, lithographed, printed or
otherwise mechanically reproduced and the signature of the
Treasurer to the said interest coupons may be written, stamped,
lithographed or engraved.
5. THAT in each of the years 1961 to 1965, both inclusive,
the respective aggregate amounts of principal and interest set
out in the fourth column of Schedule "A" hereto shall be levied
and raised as follows:
(a) For the payment of the owners 1 portion of the cost of
the said works and the interest thereon the special assessments
set forth in the said special assessment rolls are hereby
imposed on the lands liable therefor as therein set forth,
which said special assessments with a sum sufficient to cover
interest thereon at the rate aforesaid shall be payable in five
equal annual instalments in the respective amounts shown in
column 5 of said Schedule "B", and for that purpose the annual
rate per foot frontage set forth in column 6 of said Schedule
"B" is hereby imposed upon each lot mentioned in the said
special assessment rolls for each of the said works according
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to the assessed frontage thereof over and above all other rates
and taxes, which said special annual rate shall be collected
annually by the Collector of Taxes for the Corporation at the
same time and in the same manner as other rates.
(b) The remaining amounts.required in each of the years
.1961 to 1965, both inclusive, to pay the respective aggregate
6.
amounts of principal and interest set out in the fourth column
of Schedule "A" hereto shall be levied and raised by special
rates sufficient therefor over and above all other rates ~t
the same time and.in the same manner as other rates on all
the ratable property in the Town of Aurora.
THAT Schedule "B" hereto is. hereby declared to be and
form part of this By-law.
READ a first, second and third time and finally
passed this ~ t-f-day of May, 1966 •
•
YEAR
1961
1962
1963
1964
1965
THE CORPORATION OF THE TOWN OF AURORA
BY-LAW NUMBER 1445
SCHEDULE "A"
TOTAL
PRINCIPAL INTEREST ANNUAL PAYMENT
$ 1,700.00 $ 637.50 $ 2.337.50
2.ooo.oo 531.25 2.531.25
2,000.00 406.25 2.4o6.25
2,000 .. 00 281.25 2,281.25
2,500.00 156.25 2,656.25
$10,200.00 $2,012.50 $12,212.50
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Description of Work
Opening, grading and gravelling
on -
Industry Street from Wellington
Street, 1350 feet southerly
Mary Street from Industry
Street, 240 feet westerly
THE CORPORATION OF THE TOWN OF AURORA
BY-LAW NUMBER 1445
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Total Cost
$ 8,606.25
1,593.75
$10,200.00
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SCHEDULE "B"
3
Corporation's
Portion
148.44
$ 1,247.62
4 5
Owners•
Annual
Owners 1 Portion Payment
$1,806.41
1,445.31 347.78
6
Annual Rate
per foot
frontage
$ .7145
.7145
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