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MrMCII'AI. LAW. m
'Mil Things the By-Law Must Recite. 'I'lii' liy-liiw, uiilt'SM it is
tor a work payaldc \>y local assrssnu'iit, .shall recite
1. Tlio ainoiint of ilt'l)t, and flic objt'ct for wliicli it i.s to bo cnuitcMl.
2. Till' total ainoiiiit to Ik; laisi'd annually for tlio dobt and intoro.st.
'}. The amount of the ratablr property of tht; nnniicipality aceordinjr
to last ruvist'd AHscssniunt lloll.
4. The total amount of the t!.\i.stiny; tlebenture debt, and how nnieh of
• • 1 • • • • •
principal or interest is in arrears, if any.
When the by-law is for a work payable liy local as,sesHment, it shall
recite :
1. Th. amount of the lebt, and th(! object for which it is to bo
ireated.
2. The total annua amount to be rai.sed for payment of the debt and
interest.
;{. The value of the real property rat^ible lunler the by-law.
4. That the del)t is created on the .security (tf the special rate settled
by the by-law, and (Jii that security onl^'.
'iH4- Guaranteeing Local Improvement Debentures. To add to
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the commercial vahu- of the Debentures, when the by-hiws are pa.sHcd for
works payable by local a8.sessinunt, the Council may declare that the debt
to be created on the security niontioned is further ;xuaranteed by the
municipality at larjfe, •til
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5J85. Principal Repayable by Instalments In case a by-law in I"
passed for contractinj^ a debt for any jturpose, the ('ouncil may make the
principal and interest payable by annual in.stalmeiits durin}^ the poriod.s
l)reviously mentioned, the limit beiny twenty or thirty yeans fseo Section '",'|!tl
279), as the ca.sts may be, the annual amounts to Ite paid diiriiifr the whole
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period to be as nearly e(|ual as may be.
/JHO. The Debentures may be issued by the corporation fur the
amount payable at the tiuK s correspond in<f with such in,stalment,s, together
with interest annually or seii.i-anruially, as may be provided in the by-law.
'iH7- Amount to be Raised. The by-law must sot forth a certain
specitic amount, to l)e raised each year, sufficient to discharjje the several
instalments of principal ami interest as they become payable.
In such case it shall not be necessary to provide a .sinking fund.
•/{88. Special Rates are a Lien on Property. Every special assess-
ment imido and every special ratt^ levied under any of the provisions of the
Municipal Act, and all .sewer rents and charges fcjr work done by the
corporation, shall form a lien and charge upon the real estate in respect of
which the same shall have been assessetl, and shall be collected in the same
manner and with the .same remedies as the ordinary taxes upon real estate.
'iH9. What By-Laws Require Assent of Electors. Every by-law
for raising upon the credit of the municipality, moneys not recjuired for
ordinary expenditure and not payable within the same municipal year,
must receive the assent of the electors ; except those for drainage or for a
work payable entirely by local assessment. (Municipal Act, Section 338.)
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