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: ~~"