THE CORPORATION OF
THE VILLAGE OF MONTROSE
BYLAW #540
A BYLAW TO AUTHORIZE THE BORROWING OF THE ESTIMATED COST
OF RECONSTRUCTING AND UPGRADING THE WATER AND SEWER INFRASTRUCTURE.
WHEREAS it is in
the public interest to replace and upgrade the Village’s sewer lift stations,
well pumps, water storage tanks and related improvements;
AND
WHEREAS the estimated cost of
reconstructing and upgrading the water and sewer infrastructure and related
improvements, including expenses incidental thereto, is Three Hundred Thousand
Dollars ($300,000) which is the amount of debt intended to be created by this
Bylaw;
AND
WHEREAS the amount of the assessed
value for general municipal purposes of the taxable land and improvements for
the current year and for each of the two years immediately preceding the
current year were:
1999 - $49,134,700
/ 1998 - $49,134,700 / 1997 - $47,190,300
AND WHEREAS the amount of the outstanding authorized
debt of the Municipality, as at December 31, 1998, was $ 241,688 and none of
the principal or interest of the debenture debt of the Municipality is in
arrears;
AND WHEREAS the maximum term for which debentures may be
issued to secure the debt by this Bylaw shall not exceed thirty (30) years;
NOW THEREFORE, the
Council of the Village of Montrose, in open meeting assembled, ENACTS AS
FOLLOWS:
SHORT TITLE
1. (1) This
Bylaw may be cited as the "1999 Sewer & Water Loan
Authorization Bylaw".
LOAN AUTHORIZATION
2. (1) The
Council is hereby empowered and authorized to undertake and carry out or cause
to be carried out the reconstruction of two sewer lift stations and related
improvements in accordance with engineering reports and drawings on file in the
Village Offices, and to do all things necessary in connection therewith, and
without limiting the generality of the foregoing to borrow upon the credit of
the Village a sum not exceeding Two Hundred and Forty-Five Thousand Dollars
($245,000).
(2) The
Council is hereby empowered and authorized to undertake and carry out or cause
to be carried out the relining of one water storage tank and related
improvements in accordance with engineering reports and drawings on file in the
Village Offices and to do all things necessary in connection therewith and
without limiting the generality of the foregoing, to borrow upon the credit of
the Village a sum not exceeding Fifty-Five Thousand Dollars ($55,000).
3. (1) This
bylaw shall be valid for a period of 10 years from the date of final adoption.
ENACTMENT
4. (1) If
any section, subsection, sentence, clause or phrase of this Bylaw is for any
reason held to be invalid by the decision of any court of competent
jurisdiction, the invalid portion shall be severed and the part that is invalid
shall not affect the validity of the remainder.
(2) This
Bylaw shall come into full force land effect on the final adoption thereof.
READ A FIRST TIME this 5th day of January, 1999
READ A SECOND TIME this
19th day of January, 1999
READ A THIRD TIME this
19th day of January, 1999
I hereby certify the
foregoing to be a true and correct copy of Bylaw #540, cited as the “1999 Sewer
& Water Loan Authorization Bylaw.”
______________________________
André
Carrel - Village Clerk
APPROVED BY THE INSPECTOR OF MUNICIPALITIES this
18th day of March , 1999
FINAL COUNTER PETITION NOTICE ISSUED this 1st day of April , 1999
RECONSIDERED AND FINALLY ADOPTED this 4th day of May , 1999
______________________________ ______________________________
Mayor Village
Clerk