BYLAW - $20,085.71 for Sanitary Sewers and Watermains - 19631118 - 158363\
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THE CORPORATION OF THE TOWN OF AURORA
By-law Number 1583
A By-law to authorize the
issue of debentures in the
principal amount of $20,085.71
to pay the cost of constructing
certain sanitary sewers and
watermains as local improvements.
WHEREAS pursuant to Construction By-law Number
1492 the works referred to in Schedule ''B" hereto have
been constructed 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 and the owners' portion thereof
(for which special assessment rolls have been 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 twenty years;
AND WHEREAS the Council of The Corporation of
the Town of Aurora deems it expedient to borrow the sum
of $20,085.71, 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 $20,085.71 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 THE.REFORE THE COUNCIL OF THE CORPORATION OF
THE TOWN OF AURORA ENACTS AS FOLLOWS:-
1. For the purpose aforesaid, the Corporation
shall borrow upon the credit of the Corpo~ion a sum
not exceeding $20,085.71 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, 1963. Thereafter interest
shall be payable annually on 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 twenty instal-
ments of principal on the lst day of June in each of the
years 1964 to 1983, both inclusive, and the respective
amounts of principal and interest payable in each of such
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
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office of the Bank of Montreal in the Town of Aurora or at
the principal office 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 become 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 greater 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' portion of
the cost and the interest thereon, the special assessments
set forth in the special assessment rolls therefor are
lereby 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 twenty equal annual instalments and for that purpose
the special annual rates per foot frontage set forth in the
said special assessment rolls for the said works are hereby
imposed upon ~ach 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 hypoi!-ecate 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
' 1963.
0 0 • o-at' and second tlme thls jd day of
READ a third time
of November, 1963.
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SCHEDULE "A" TO BY LAW NUMBER 1583
TOV\lN OF AURORA
5~% Debentures 1 -20 years
~ PRINCIPAL INTEREST TOTAL
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1964 $ 585.71 $ 1,154.93 $ 1,740.64
1965 1,ooo.oo 1,121.25 2,121.25
1966 1,ooo.oo 1,063.75 2,063.75
1967 1,ooo.oo 1,006.25 2,006.25
1968 1,ooo.oo 948.75 1,948.75
1969 1,ooo.oo 891.25 1,891.25
1970 1,ooo.oo 833.75 1,833.75
1971 1,ooo.oo 776.25 1,776.25
1972 1,ooo.oo 718.75 1, 718.75
1973 1,ooo.oo 661.25 1,661.25
1974 1,ooo.oo 603.75 ·1,603.75
1975 1,ooo.oo 546.25 1,546.25
' " 1976 1,ooo.oo 488.75 1,488.75
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-~-1977 1,ooo.oo 431.25 1,431.25
1978 1,ooo.oo 373.75 1,373.75
1979 1,ooo.oo 316.25 1,316.25
1980 1,ooo.oo 258.75 1,258.75
1981 1,ooo.oo 201.25 1,201.25
1982 1,ooo.oo 143.75 1,143.75
1983 1,500.00 86.25 1,586.25
$ 201082.71 $ 12 1 626.18 $ 32,711.89
DESCRIPTION OF WORK
SANITARY SEWERS,
WATERMAIN, AND
CONNECTIONS ON
EDWARD STREET FROM
DUNNING AVENUE TO THE
SOUTH TOWN LIMIT
637 FEET
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THE CORPORATION OF THE TOWN OF AURORA
TOTAL COST
$20,085.71
By-law number 1583
S C H E D U L E "B"
CORPORATION'S
SHARE
$3,610.46
(_ ... : ____ \
OWNER'S
PORTION
$16,475.25
OWNER'S
ANNUAL
PAYMENT
$1,436.40
f --.;,
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ANNUAL RATE
PER FOOT
FRONTAGE
$1.127
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