BY-LAW NUMBER 1-96-25th January, 1996

THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 1-96

A by-law to amend By-law 111-94, being "a by-law to authorize construction of a watermain on Second Line West, Derry Road, Barberry Lane, Old Mill Lane and Pond Street, in the City of Mississauga" in order to provide for revised financing.

WHEREAS the Council of the Regional Corporation has by By-law 111-94 on the 13th October, 1994 authorized the construction of a watermain on Second Line West, Derry Road, Barberry Lane, Old Mill Lane and Pond Street, in the City of Mississauga, pursuant to Section 221 of the Municipal Act, R.S.O. 1990, Chapter M.45, as amended, under Project 94-1010, at an estimated total cost of $1,300,000.00;

AND WHEREAS the Council of the Regional Corporation has by Resolution 95-803 on the 23rd November, 1995 authorized the enactment of a by-law to amend the waterworks rate to $38.00 per meter of assessable frontage;

NOW THEREFORE the Council of the Regional Corporation enacts as follows:

1. That Section 3. of By-law 119-94 be deleted and the following substituted therefor:

"3.That the total cost of the works, being estimated at $1,300,000.00 shall be financed as follows:

a) The amount of $1,179,810.000, being approximately 90.75 per cent of the total cost of the works, shall be financed entirely by the Regional Corporation.

b) the amount of $120,190.000, being approximately 9.25 per cent of the total cost of the works, shall be recovered by means of a special rate assessed against the owners of lands abutting the works, as set out in Schedule "A" attached hereto, in the following manner:

i) property shall be assessed at a rate of $38.00 per metre of assessable frontage, which rate with interest thereon at 9.5 per cent per annum for fifteen years, shall be payable in fifteen (15) equal installments of $4.85 per metre of assessable frontage; and

ii) property having more than 61 metres of frontage shall be assessed a charge of $2,318.00, which charge with interest thereon at 9.5 per cent per annum for fifteen (15) years, shall be payable in fifteen (15) equal installments of $295.85.

c) The said waterworks rate shall be an annual charge and shall be imposed for a period of fifteen (15) years commencing on a date to be specified by the Treasurer and Commissioner of Finance of the Regional Corporation. The due date for payment of the waterworks rate shall be sixty (60) days from the date of invoice for each payment."

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 25th January, 1996.

Regional Clerk Regional Chair