amount of $181,659.00 shall be assessed in the amounts and to the individual landowners as set out in Schedule “B” attached hereto.
4. THAT a lump sum amount or special equal annual rate sufficient to pay the principal and interest of 2.46% for ten (10) years, or 6.09% for twenty (20) years on the costs of the work shall be levied upon the lands set out in Schedule “B”, to be collected in the same manner and at the same time as other taxes are collected in each year after the final passing of this By-law. The individual landowners have the right to select payment as either a single lump sum, or as a special equal annual rate over the period of ten (10) or twenty (20) years.
5. THAT pursuant to s.61 of the Drainage Act, the assessments imposed on individual landowners as set out in Schedule “B”, shall have priority lien status as described in s.1 of the Municipal Act, 2001.
6. THAT this By-law shall be deemed to be the Third Reading of Provisional By-law 130-2019.
7 THAT this By-law shall come into force upon and take effect on the day of the final passing thereof.
DREW DILKENS, MAYOR
CITY CLERK
First Reading - November 23, 2020
Second Reading - November 23, 2020
Third Reading - November 23, 2020