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By-law No. 2002-049 CORPORATION OF THE MUNICIPALITY OF BAYHAM BY-LAW NO. 2002-49 A BY-LAW TO PROVIDE FOR DRAINAGE WORKS IN'1'11E MUNICIPALITY OF BAYHAM IN THE COUNTY OF ELGIN (SPROUL EXTENSION & BRANCH "A") WHEREAS the requisite number of owners have petitioned the Council of the Municipality of Bayham in the County of Elgin in accordance with the Sections 4 and 78 of the Drainage Act, R.S.O. 1990, requesting that the following lands and roads be drained by drainage works: Part of Lots 1 to 4, Concessions 1 and 3, in the Municipality of Bayham, in the County of Elgin. AND WHEREAS, the Council of the Municipality of Bayham has procured Report No. 97099, prepared by Spriet Associates, dated May 17, 2002, which is attached hereto as Schedule "A", and forms part of this By-Law. AND WHEREAS the estimated total cost of constructing the drainage work is $119, 900.00. AND WHEREAS $119,900 is the amount to be contributed by the municipality for construction of the drainage works. AND WHEREAS the Council is of the opinion that the drainage of the area is desirable; NOW THEREFORE the Council of the Municipality of Bayham enacts as follows: 1. Report No. 97099, dated May 17, 2002 and attached hereto, is hereby adopted and the drainage works as therein indicated and set forth is hereby authorized and shall be completed in accordance therewith. 2.1 The Corporation of the Municipality of Bayham may borrow, on the credit of the Corporation, the amount of $119,900, being the amount necessary for construction of the drainage works. 2.2 The Corporation may arrange for the issue of debentures on its behalf for the amount borrowed less the total amount of, (a) grants received under Section 85 of the Act; (b) commuted payments made in respect of lands and roads assessed within the municipality; (c) monies paid under Subsection 61(3) of the Act; and (d) monies assessed in and payable by another municipality, and such debentures shall be made payable within 5 years from the date of the debenture and shall bear interest at a rate not higher than the rate charged by The Ontario Municipal Improvement Corporation on the date of sale of such debentures. 3. A special equal rate sufficient to redeem the principal and interest on the debentures shall be levied upon the lands and roads as set forth in the attached Schedule "A" to be collected in the same manner and at the same time as other taxes are collected in each year for 5 years after the passing of this by-law. By-law No. 2002-49 -2 - July 4, 2002 4. For paying the amount of $23,770 being the amount assessed upon the lands and roads belonging to or controlled by the municipality, a special rate sufficient to pay the amount assessed plus interest thereon shall be levied upon the whole rateable property in the Municipality of Bayham in each year for 5 years after the passing of this by-law to be collected in the same manner and at the same time as other taxes are collected. 5. All assessments of $150.00 or less are payable in the first year in which the assessment is imposed. 6. This by-law comes into force on the passing thereof and may be cited as "Sproul Drain Extension & Branches "A". READ A FIRST AND SECOND TIME this 4th day of July 2002. Provisionally adopted this 4th day of July 2002. '31 MAYOR CLERK 1q/L READ A THIRD TIME AND FINALLY PASSED this )day of 4 b g , 2002. P 64(44 MAYOR CLERK