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BY-LAWNUMBER 2408 A BY-LAW TO AUTHORIZE A GRANT IN AID TO THE LEAMINGTON DISTRICT MEMORIAL HOSPITAL IN THE AMOUNT OF $150,000.00. WHEREAS Sub-section 37 of Section 352 of the Municipal Act, R.S.O. 1970, Chapter 284 and amendments thereto, authorizes Councils of all municipalities to pass by-laws for granting aid for the erection, establishment, maintenance, or equipment of public hospitals, and to issue debentures therefor; AND WHEREAS, it is deemed expedient to grant to Leamington District Memorial Hospital in the Town of Leamington the sum of $150,000.00, which sums will be payable in five (5) annual instalments, and to issue debentures therefor, without interest, payable annually in the amounts per annum shown in Schedule "A" attached to this by-law. AND WHEREAS it is deemed expedient to make the principal of the said debt repayable in annual instalments during the period of five (5) years commencing in the year following the issue of such debentures. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: 1. For the purpose aforesaid the Council of the Corporation of the County of Essex shall grant Leamington District Memorial Hospital in the Town of Leamington the sum of $150,000.00 and shall issue debentures therefor in the amounts per annum shown in Schedule "A" attached to this by-law; 2. Each debenture shall be payable without interest as set out in the respective years in Schedule "A" attached to this by-law. 3. The debentures shall be dated the 20th day of Decembe= 1981, and shall be made payable in five (5) annual instalments on the 20th day of December, in each of the years 1981 to 1985 both inclusive, and the respective amount of principal payable in each of the said years shall be the amount so designated in Schedule "A" attached to and forming part of this by-law. 4. The said debentures when issued shall be delivered to Leamington District Memorial Hospital in the Town of Leamington. 5. The debentures shall be payable in lawful money of Canada and may be payable at the Essex County Civic & Education Centre in the Town of Essex. 6. The said debentures shall be sealed with the seal of the Corporation and signed by the Head of the Council or by some other person authorized by by-law to sign the same and by the Treasurer. 7. Cormnencing in the year 1981 and thereafter in each year in which an instalment of principal of the said debt becomes due, the Corporation shall levy and raise the specific sum shown for the respective year in the third column of the said Schedule "A". Such sum shall be levied and raised by a special rate sufficient therefor over and above all other rates upon the full value of all the rateable property in the municipality and no fixed assessment of partial or total exemption from assessment or taxation shall apply thereto except as provided in Section 4 of The Assessment Act.