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BY-LAW NUMBER l&51 <br />COUNTY OF ESSEX <br /> <br />A BY-LAW AUTHORIZING THE BORROWING OF TEMPORARY <br />ADVANCES PENDING THE PASSING OF A BY-LAW FOR THE <br />ISSUANCE AND SALE OF DEBENTURES TO RAISE THE SUMS <br />REQUIRED BY THE ~INDSOR SUBURBAN DISTRICT HIGH <br />SCHOOL BOARD FOR THE CONSTRUCTION AND EQUIPPING <br />OF THE NEW ADDITIONS TO THE HE~ COLLEGIATE AND <br />THE VINCENT MASSEY COLLEGIATE. <br /> <br /> WHER~S the majority of the municipalities <br />included in the Windsor Suburban High School District have <br />requested the Council of the Corporation of the County of <br />Essex to raise the sums required for the construction a~d <br />equipping of the new additions to the Herman Collegiate a~d <br />the Vincent Massey Collegiate in the Windsor Suburban High <br />School District; <br /> <br /> AND1~HEREAS the Council of the Corporation of <br />the County by resolution has approved the said request; <br /> <br /> ANDWHEREAS by Order dated Monday the 28th day <br />of May, 1962, The Ontario Municipal Board, pursuant to Section <br />65 of The Ontario Municipal Board Act, Chapter 27~, R. S. Oo <br />1960 has approved the construction and equipment by The <br />Windsor Suburban District High School Board of an addition to <br />the Vincent Massey Collegiate Institute at a cost of <br />$250,000°00, and by Order dated Tuesday, the 5th day of June, <br />1962, The Ontario Municipal Board pursuant to Section 64 of <br />The Ontario Municipal Board Act, Chapter 27~, R. $. O. 1960, <br />has approved the construction and equipment by The Windsor <br />Suburban District High School Board of an addition to the <br />Herman Collegiate Institute at a cost of $370,000.00, and has <br />authorized the Corporation of the County of Essex for smch <br />purposes to pass all requisite By-laws including By-laws pro- <br />viding for temporary advances and for the issue and sale of <br />debentures, provided that the term of the debentures shall not <br />exceed twenty years (20). <br /> <br /> AND WHEREAS it is deemed expedient to borrow, as <br />temporar~ advances pending the issue and sale of debentures, the. <br />sum of $620,000°00 for the purpose aforesaid. <br /> <br /> NOW THEREFORE the Council of the Corporation of <br />the County of Essex enacts as follows: <br /> <br /> (1) The Corporation $~all borrow and doth hereby <br />authorize the borrowing from The Canadian Imperial Bank of <br />Commerce as tempora~rY advances pending the issue and sale of <br />debentures, as above cited, such advances as may be required <br />but not exceeding a total of $620,000.00 on the terms and subject <br />to the conditions set forth in this By-law. ~ <br /> <br /> (2) Within the limit aforesaid and as monies are <br />required from time to time for the purpose above cited, the <br />Warden and Treasurer of the County of Essex, acting on behalf <br />of the Corporation of the County of Essex, are hereby auSh~"Ased <br />to borrow monies from the said bank for the said purposef pending <br />the issue and sale of the debentures to be authorized as aforesaid <br />and to sign and deliver to the said bank such promissory note or <br />notes as may be required for the repayment of the monies borrowed <br />at such time or times and at such ra~e of ln~erest as may he <br />agreed upon, with the said bank, bm~ ao~~ exceeding ~he rate of <br />six percentum (6%) per annum and to affix the Corporate Seal of <br />the Corporation of ~he County of Essex to such promissorynote <br />or notes~ <br /> <br /> <br />