BYLAW - $17,423.94 for Construction on Edward St. - 19631118 - 158263THE CORPORATION OF THE TOWN OF AURORA
By-law Number 1582
A By-law to authorize the
issue of debentures in the
principal amount of $17,423.94
to pay the cost of opening,
grading and constructing road
base and surface treatment
and drainage works on Edward
Street.
WHEREAS pursuant to Construction By-law Number
1492 Edward Street for a.distance of 650 feet south from
the south limit of Dunning Avenue has been opened, graded,
road base and drainage works constructed, and surface
treatment applied as local improvements under the pro-
visions of The Local Improvement Act;
AND WHEREAS the total cost of each of said
works, the Corporation's portion thereof and the owners'
portion thereof (for which special assessment rolls have
been made and certified) are shown in Columns 2, 3 and 4
of Schedule "B";
AND WHEREAS no~yments have been received by
way of commutation of special rates;
N~D WHEREAS the estimated lifetime of each of
the said works is not less than ten years;
AND WHEREAS the Council of The Corporation of
the Town of Aurora deems it expedient to borrow the sum
of $17,423.94, 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 $17,423.94, bearing interest at the rate of
5 3/4% 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. For the purpose a fore said,,· the Corporation
shall borrow upon the credit of the Corporation a sum
not exceeding $17,423.94 and shall issue debentures
therefor in sums of not less than $100.00 each all of
which shall be dated the lst day of December, 1963
and shall bear interest at the rate of 5 3/4% per
annum. The first payment of interest shall be made
on the lst day of June, 1964 to cover the period from
the lst day of December, 1~63. Thereafter interest
shall be payable annually 0n the lst day of June
during the currency of the debentures. Each debenture
shall have coupons attached.thereto for the payment of
such interest.
2. The debentures shall be payable in ten instal-
ments of principal on the lst day of June in each of the
years 1964 to 1973, both inclusive, and the respective
amounts of principal and interest payable in each of such
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years shall be as set forth in Schedule "A" hereto which
is declared to be part of this by-law.
3. The debentures shall be payable as to both
principal and interest in lawful money of Canada at the of-
fice of the Bank of Montreal in the Town of Aurora or at
principal offi~e of the said Bank in either of the Cities
of Toronto or Montreal, at holder's option.
4. The said debentures shall be sealed with the
seal of the Corporation and signed by the Head of the
.. Council, or by some other person authorized by by-law to
sign the same, and by the Treasurer. The said interest
coupons shall be signed by the Treasurer and his signature
thereon may be written, stamped, lithographed or engraved.
5. (a) Commencing in the year 1964 and thereafter
in each year in which an instalment of the principal of the
said debt and the interest becomes due, there shall be raised
in each year by special rates on all the rateable property
in the municipality the amount set out in Column 4 of
Schedule "A" hereto; but no g:rmter rate shall be levied in any
year for such purpose than is required to pay the instalment
as aforesaid after taking into account receipts from the
special rates provided in Clause (b) hereof.
(b) For the payment of the owners 1 portion of
the cost and the interest thereon, the special assessments
set forth in the special assessment rolls therefor are
hereby imposed upon the lands liable therefor as therein
set forth; which special assessments with a sum sufficient
to cover interest thereon at the rate aforesaid, shall be
payable in ten equal annual instalments and for that purpose
the special annual rates per foot frontage set forth ~n
the said special assessment rolls for the said works are
hereby imposed upon each lot entered in the said special
assessment rolls according to the assessed frontage thereof
over and above all other rates and taxes and the said special
rates shall be collected annually by the Collector of Taxes
for the Corporation at the same time and in the same manner
as other rates.
6. Pending the .sale of the said debentures, the Head
of the Council and the Treasurer may raise for the purpose
aforesaid by way of loan on such debentures any sum or
sums of money not exceeding in all the amount hereby authorized
to be borrowed and may hypothecate such debentures for such
loan.
7. \ The debentures may contain a· clause providing for
the registration thereof authorized by any statute relating
to municipal debentures in force at the time of the issue
thereof"
READ a first and. se~ond time this / /"~·ay of
' 1963.
READ a third time and finally passed this ;or~ay
of November, 1963 •.
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SCHEDULE "A" TO BY LAW NUMBER 1582
TOWN OF AURORA
$17,423.94
5~% Debentures 1 -10 years
!!@. PRINCIPAL INTEREST TOTAL
1964 $ 1,423.94 $ 1,001.88 $ 2,425.82
1965 1,500.00 920.00 2,420.00
1966 1,500.00 833.75 2,333.75
1967 1,500.00 747.50 2,247.50
1968 1,5oo.oo 661.25 2,161.25
1969 2,ooo.oo 575.00 2,575.00
1970 2,000.00 460.00 2,460.00
1971 2,000.00 345.00 2,345.00
1972 2,ooo.oo 230.00 2,230.00
1973 2,000.00 ns.oo 2,115.00
~ 17 1422.94 $ 21889.38 $ 2~1212.~2
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DESCRIPTION OF WORK
OPENING, GRADING
CONSTRUCTING ROAD BASE
AND DRAINAGE WORKS
ON EDWARD STREET FOR
A DISTANCE OF 637 FEET
SOUTH FROM THE SOUTH
LIMIT OF DUNNING AVENUE
•
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THE CORPORATION OF THE TOWN OF AURORA
TOTAL COST
$17,423.94
'
By-law Number 1582
S C H E D U L E ''B''
CORPORATION 1 S
SHARE
$2,842.56
(,__._)
OWNERS'
PORTION
$14,58L38
.. ··-:;_.·
OWNERS'
ANNUAL
PAYMENT
$1,458.08
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ANNUAL RATE
PER FOOT
FRONTAGE
$1.554