1450-62 $510KForSunParlor - Laserfiche WebLink

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BYrLAW NUMBER 1~50 A BY LAW OF THE COUNTY OF ESSEX TO AUTHORIZE THE ISSUE OF DEBENTURES IN THE PRINCIPAL AMOUNT OF $510,000.00 IN LAWFUL MONEY OF CANADA TO PAY A PORTION OF THE COST OF THE CONSTRUCTION AND EQUIP- PING OF THE ADDITION TO THE SUN PARLOR HC~4E FOR SENIOR CITIZENS OF ESSEX COUNTY. WHEREAS the Corporation of the County of Essex have, by resolution, authorized the building of an addition to the Sun Parlor Home for the Senior Citizens of Essex County; AND WHEREAS the said plans, drawings, and specifications for the said addition have been approved by the Minister of Public Welfare for the Province of Ontario, and the County shall receive from the Province a grant to be supplied toward the payment of a portion of the cost of the said addition; AND WHEREAS in order to raise the sum required to pay the County's portion of the cost of the said addition, the Council deems it necessary to borrow money by the issue and sale of debentures of the Corporation in the principal amount of $510,000.00 in lawful money of Canada bearing interest at the rate of five and one-half per centum (5~%) per annum which is the amount of the debt intended to be created by this by-law. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS: 1. That in order to raise the sum required to pay the County's portion of the cost of the said addition to the Sun Parlor Home for Senior Citizens of Essex County, money shall be borrowed on the credit of the Corporation of the County of Essex at large by the issue and sale of debentures of the said Corporation in the principal sum of $510,000.00 in lawful money of Canada. The said debentures shall bear interest at the rate of five and one-half er centum (5~%) per annum, payable annually on the 1st day of ecember in each year of their currency and shall have coupons attached thereto for the payment of such interest. 2. That all of the said debentures shall be dated the 1st day of December, A. D. 1962 and shall be payaoze in fifteen(15) annual instalments on the 1st day of December in the each of the years 1963 to 1977, both inclusive, and the respective amounts of principal and interest payable in each of the said years shall be as set forth in Schedule "A" to this by-law which is hereby declared to be and to form part of this by-law. 3. That the said debentures shall be payable as to both principal and interest in lawful money of Canada, and shall be payable at the Canadian Imperial Bank of Commerce, corner of Sandwich Street and Mill Street in the City of Windsor, or at the principal offices of the said bank in the City of Toronto. ~. The debentures shall be sealed with the seal of the Corp- oration 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. The said interest coupons shall be signed by the treasurer and his signature to them may be written or engraved, lithographed, printed or otherwise mechanically reproduced. The signature of the head of the comncil may be written or engraved, lithographed, printed or otherwise mechan- ically reproduced and, if such debentures are countersigned in writing by the deputy-treausrer, the signature of the treasurer thereon may be written or engraved, lithographed,,.printed or otherwise mechanically reproduced.