THE CORPORATION OF THE VILLAGE OF MONTROSE
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:
1. (1) This Bylaw may be cited as the "1999 Sewer & Water Loan Authorization Bylaw".
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.
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