THE REGIONAL MUNICIPALITY OF PEEL
 
BY-LAW NUMBER 19-2012
 

A by-law to impose a special charge upon the owners of lands who will or may derive a benefit from the construction of Project 06-2720 in the Village of Inglewood, Town of Caledon, Ward 1.


WHEREAS the Council of the Regional Corporation enacted By-law 30-2006 on the 6th day of July, 2006 to authorize the construction of the works under Project 06-2720 as a local improvement at a total estimated cost of $11,015,730;

AND WHEREAS, the Treasurer of the Regional Corporation has certified the local improvement roll attached as Schedule “A” to this by-law;

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

  1. The amount specially charged on each lot set out in the local improvement roll in Schedule “A” is sufficient to raise that lot’s share of the cost in 15 annual payments.

  2. A special charge shall be imposed in each year on each lot included in Schedule “A” equal to the amount of the payment payable in that year.

  3. The number of annual payments permitted by this by-law does not exceed the lifetime of the works.

  4. Notwithstanding the annual payment amount entered in the local improvement roll, an owner of a lot may make two or more annual payments to be commuted for a single payment equal to the present value of the annual payments, and the number of annual payments reduced accordingly.



READ THREE TIMES AND PASSED IN OPEN COUNCIL this 29th day of March, 2012.

C.Reid
________________________

Regional Clerk

E. Kolb
______________________

Regional Chair


Schedule "A" to By-law 19-2012 (pdf)