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HomeMy WebLinkAbout0656-78 Debenture - Hamlete of Scandia SewageDated: December 13, 1978 BY-LAW N0. 656-78 OF THE COUNTY OF NEWELL 4~4 A By-Law to authorize the Municipal Council of the County of Newell ~~~ to incur an indebtedness on behalf of the said County by the issuance of debentures for the purpose of construction of a sanitary sewage and treatment system in the Hamlet of Scandia. WHEREAS it is deemed expedient and proper pursuant to the provisions of Section 152 of the Municipal Taxation Act and Section 315 of the Municipal Government Act that the Council shall issue a By-Law to authorize the undertaking and completing of construction of a sanitary sewage and treatment system in the Hamlet of Scandia. AND WHEREAS plans, specifications and estimates for such work have been made by Underwood McLellan (1877) Ltd., Professional Engineers, whereby the total cost of the said construction is estimated to be $220,583.00. AND WHEREAS it is estimated by the Council of the said County of Newell ~~4 that the undernoted applicable grants and contributions will be received: 1. CMHC GRANT - $2,713.00 AND WHEREAS in order to construct and complete the said project, it will be necessary to borrow the sum of $ 195,000.00 on the credit of the County of Newell ~~4 by issuing debentures of the County as herein provided. AND WHEREAS the said indebtedness is to be repaid over a period of Twenty-five (25) years in annual installments, with interest not exceeding twelve per centum (12°6) per annum, payable annually. - 2 - AND WHEREAS the amount of the equalized assessment in the Municipality as last determined and fixed by the assessment Equalization Board is $ 28,892,810 AND WHEREAS the amount of the existing debenture debt of the County is $ 138,291.00 no part of which is in arrears. AND WHEREAS the estimated lifetime of the project is 25 years. AND WHEREAS the proposed construction will serve about 6641.5 lineal feet of frontage. AND WHEREAS approval of the Director, Division of Pollution Control, Department of the Environment for the proposal as required by the Clean Water Act, or regulations thereto, has been obtained under Approval No. 77-MP-444 and 78-MP-461 , and 77-MP-485. AND WHEREAS the total value of the land to be charged with the said special assessment, according to the last revised assessment roll is $1,950 AND WHEREAS pursuant to the provisions of Section 152 of the Municipal Taxation Act, R.S.A., 1970, the Council has received an adequate and proper petition praying for the undertaking and construction of a sanitary sewage and treatment system in the Hamlet of Scandia, the cost or a portion thereof to be assessed against abutting owners in accordance with the attached Schedule "A". NOW, THEREFORE, THE MUNICIPAL COUNCIL OF THE. COUNTY OF NEWELL #4 IN COUNCIL ASSEMBLED ENACTS AS FOLLOWS: - 3 - 1. The Municipal Council of the County of Newell ~~4 is hereby empowered and authorized to enter into contracts for the purpose of the construction of a sanitary sewage and treatment system in the Hamlet of Scandia as may be necessary. 2. That for the purpose aforesaid , the sum of One Hundred and Ninety-Five Thousand Dollars ( $195,000.00 ) be borrowed by way of debenture on the credit and security of the County of Newell 4~4 at large, of which the sum of nil is to be paid by the County at large and the sum of $195,000.00 is to be collected from the Hamlet of Scandia by way of special assessment as herein provided in attached Schedule"A". 3. shall not Thousand denominate By-Law and borrowing. The debentures to be issued under this By-Law exceed the sum of One Hundred and Ninety-Five Dollars ($195,000.00 ) and may be in any on not exceeding the amount authorized by this shall be dated having regard to the date of the 4. The debentures shall bear interest during the currency of the debentures, at a rate not exceeding twelve per centum (12~) per annum, payable annually. 5. The debentures shall be issued in such manner that the principal and interest will be combined and be made payable in, as nearly as possible, equal annual installments over a period of 25 years, in accordance with the schedule attached and forming a part of each debenture. 6. The debenture shall be payable in lawful money of Canada at the Provincial Treasury Branch in the Town of Brooks or at such other bank or financial institution as the Council may authorize as its banking agent during the currency of the debentures. - U - 7. The Reeve and Administrator of the County of Newell ~~4 shall authorize such bank or financial institution to make payments to the holder of the debentures on such dates and in such amounts as specified in the repayment schedule forming part of each debenture. 8. The said debentures shall be signed by the Reeve and the Administrator of the County of Newell ~~4, and the Administrator shall affix thereto the corporate seal of the said County of Newell 4~~4. 9. There shall be levied and raised in each year of the currency of the debentures hereby authorized the amount necessary to pay the interest falling due in such year on such debentures and in addition thereto the amount required to pay any of such debentures which fall due in each year after applying the special assessment hereinafter provided for, by a rate sufficient therefor on all the rateable property in the said Hamlet of Scandia and collectible at the same time and in the same manner as other rates. 10. During the currency of the said debentures there shall be raised annually for payment of the Owner's portion of the cost and interest thereon by special assessment under the Municipal Taxation Act, R.S.A., 1970, the respective sums shown as yearly payments on Schedule "A" hereto attached, and there is hereby imposed on all lands fronting or abutting on that portion of the streets or places whereon the said improvements are to be laid, a special assessment sufficient to cover the Owner's portion of the cost of the said work and the interest thereon payable at the unit rate or rates set forth in said Schedule"A". The said special assessment shall be in addition to all other rates and taxes. - 5 - 11. The said indebtedness is contracted on the credit and security of the County of Newell ~~~ at large. 12. The net amount realized by the issue and sale of debentures issued under this By-Law shall be applied only for the purposes for which the indebtedness was created unless otherwise authorized by an Order of the Local Authorities Board. 13. This By-Law shall take effect on the day of the final passing thereof. READ a first time in Council this 2nd day of November A. D. , 1978. :~ '` Reeve ~~ Administr or READ a second time in Council this ~ day of %/ ~~2-~`~ A. D . , 197. ,J i ~ /,~ ~jp1 s // 7 ~/ _ ~ t' ~~: i ;~„-~~ i Reeve ~ ~' ~'- _L~~Z,-~ Adminis ator READ a third time in Council this ~ day of ~~~~~, A.D., 197 ~, t~ t; i- Re ve .--~ Administ for ~ ~ ~~~-~~ -6- Special Frontage Assessment County of Newell ~~4 Schedule "A" to By-Law No.656-78 LOCAL IMPROVEMENT - SPECIAL FRONTAGE 1. Properties to be assessed: On Side From To Frontage (a) First St. S.S. First Ave. Railway Ave. 277.00' (b) First St. N.S. First Ave. Railway Ave. 220.00' (c) Second St. N.S. First Ave. Railway Ave. 350.00' (d) Third St. S.S. First Ave. Railway Ave. 350.00' (e) Third St. N.S. First Ave. Railway Ave. 350.00' (f) Jenny Lind St. N.S. First Ave. 300' E. 300.00' (g) Railway Ave. E.S. First St. 133' S. of First St. 133.00' (h) Lane 165' E. Blk. C, Plan of Railway Ave. W.S. Fourth St. 2105 F.B. 341.95' (i) First Ave. E.S. Fourth St. 285' N. of Fourth St. 264.00' (j) Lane 165' E. Blk. C., Plan of Railway Ave. E.S. Fourth St. 2105 F.B. 341.95' (k) Timko St. S.S. First Ave. Jenny Lind St. 884.70' (1) Blk. C. , Plan 2105 F.B. S.S. First Ave. Railway Ave. 350.00' , (m) Timko St. N.S. First Ave. Jenny Lind St. 680.90' (n) Railway Ave. E.S. Third St. Fourth St. 300.00' (o) Scandia Court S.S. First Ave. 250' E. of First St. 319.00' (p) Scandia Court N.S. First Ave. 250' E. of First Ave . 319 . ~' (q) Lane 110' E. of Rail way Ave. W.S. Second St. First St. 540.00' (r) Lane 110' E. of Railway Ave. E.S. Second St. First St. 80.00' (s) First Ave. E.S. Second St. 80' S. of Second St . 80.00' (t) Railway Ave. W.S. Second St. Third Street 160.00' 6641.50' 2. Total assessment against a ll properties: $ 1 `~-3~-989~:8{~- f t t f ~~~~ 3. Total assessment per ron oo : ~k=-~-- ---~t5t~- ~.a~_.at~9 ~-PnQRer~,i,~s.:----_~ 5. ess ye y assis nce fr -Alberti i cipal ~' ~ ~ Se e Trent Ass' ante P am -- ~ $3,'86~.~60 6. Net yearly assessment agai nst all proper ties: 7. Net yearly assessment per front foot of frontage to be payable for a period of 25 years a t 9 3/4 i,7U percent per annum: ~~"