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THE CORPORATION OF THE COb/~TY OF ESSEX <br /> <br /> DEBENTURE BY-LAW lfl~04 <br /> <br />A By-law to authorize the issue of <br />debentures in the principal amount <br />of $173,350.00 in lawful money of <br />Canada to pay a portion of the cost <br />of the construction of and improve- <br />ment to certain roads and bridges <br />in the County of Essex. <br /> <br /> WHEREAS under the authority of Construction <br />By-law Number 1402 the Council of the Corporation of the <br />County of Essex has constructed and improved certain roads <br />and bridges more particularly described therein; <br /> <br /> AND WHEREAS the said works have been approved <br />by the Minister of Highways for the Province of Ontario and <br />the County shall receive from the Province a grant to be <br />applied toward the payment of a portion of the cost of the <br />said works; <br /> <br /> AND WHEREAS in order to raise the sum required <br />to pay the Countyts portion of the cost of the said works, <br />the Council deems it necessary to borrow money by the issue <br />and sale of debentures of the Corporation in the principal <br />amount of $173,350.00 in lawful money of Canada bearing <br />interest at the rate of six per centum (6%) per annum which <br />is the amount of the debt intended to be created by this <br />by-law. <br /> <br /> NOW THEREFORE THE COUNCIL OF THE CORPORATION <br /> <br />OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS:- <br /> <br /> 1. That in order to raise the sum required to <br />pay the County's portion of the cost of the work set out in <br />construction by-law number 1402, money shall be borrowed on <br />the credit of the Corporation of the County of Essex at large <br />by the issue and sale of debentures of the said Corporation <br />in the principal amount of $173,350.00 in lawful money of <br />Canada. The said debentures shall bear interest at the rate <br />of six per centum (6%) per annum payable annually on the <br />3rd day of July in each year of their currency and shall <br />have coupons attached thereto for the payment of such interest. <br /> <br /> 2. That all the said debentures shall be dated <br />the 3rd day of July, A. D. 1961 and shall be payable in five <br /> <br /> <br />