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THE CORPORATION OF THE COUNTY OF ESSEX c?: <br /> <br /> BY-LAW NO. 3076 c~ ~,~,~d <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $6,000,000 <br />UPON DEBENTURES TOWARDS THE FINANCING OF THE <br />COST OF THE REDEVELOPMENT OF THE SUN PARLOR <br />HOME FOR SENIOR CITIZENS ENTAILING NEW <br />CONSTRUCTION AND RENOVATIONS IN THE TOWN OF <br />LEAMINGTON <br /> <br /> WHEREAS by By-law No. 2859, the Council of The Corporation of the <br />County of Essex (the "Corporation") authorized the execution of an Agreement <br />dated September 18, 1990 between the Corporation and Southside Construction <br />(London) Limited providing for the redevelopment of the Sun Parlor Home for <br />Senior Citizens entailing new construction and renovations in the Town of <br />Leamington; <br /> <br /> AND WHEREAS the Ontario Municipal Board by its Orders dated March <br />6, 1990 and July 19, 1993 under its file number E900185 authorized the said <br />undertaking and the issue of debentures in the amount of $10,000,000 therefor; <br /> <br /> AND WHEREAS for the purpose aforesaid, it is now expedient to issue <br />debentures in the principal amount of $6,000,000 payable in lawful money of <br />Canada on the terms hereinafter set forth; <br /> <br /> AND WHEREAS the Corporation has received from the Ministry of <br />Municipal Affairs its annual financial debt and obligation limit and the Treasurer <br />of the Corporation has updated the said limit in accordance with Ontario <br />Regulation 710/92 as at the date of this by-law and as at July 29, 1993 and has <br />certified that the aggregate estimated annual amount payable in each year of the <br />debentures to be issued under this by-law in respect of the purpose aforesaid <br />does not exceed the said updated limit on either of the said dates; <br /> <br /> NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE <br />COUNTY OF ESSEX ENACTS AS FOLLOWS: <br /> <br />For the purpose aforesaid, there shall be borrowed upon the credit <br />of the Corporation at large the sum of $6,000,000 in lawful money of <br />Canada, and the Corporation shall issue debentures therefor in <br />denominations of $1,000.00 each or any multiple thereof. <br /> <br /> <br />