1453-62 $620KMasseyHermanSchool - Laserfiche WebLink

Home Browse Search

DEBENTURE BY-LAW NUMBER 1&53 OF T.HE CORPORATION QF TH.E...cOUNTY OF A BY-LAW AUTHORIZING THE BORROWING OF THE SUM OF $620,000.00 UPON DEBENTURES TO RAISE THE SUM REQUIRED BY THE WINDSOR SUBURBAN DISTRICT HIGH SCHOOL BOARD FOR THE PURPOSE OF THE CONSTRUCTION AND EQUIPMENT OF THE NEW ADDITIONS TO THE VINCENT MASSEY COLLEGIATE INSTITUTE AND THE HERMAN COLLEGIATE INSTITUTE. WHEREAS a majority of the municipalities included in the Windsor Suburban High School District have requested the Council of the Corpora- tion of the County of Essex to raise the sum required for the construction and equipment of the new additions to the Vincent Massey Collegiate Institute and the Herman Collegiate Institute; AND WHEREAS it is deemed expedient to borrow for the purpose of the construction and equipment of the new additions to the Vincent Massey Collegiate Institute and the Herman Collegiate Institute the sum of $620,~00.00 upon the credit of the Corporation of the County of Essex, and to issue debentures therefor bearing interest payable annual- ly at the rate of five and three-quarter per centum (5~%) per annum as shown in Schedule "A" attached to this by-law and to provide for the discount and expenses incidental to the negotiation and sale of such debentures; AND WHEREAS it is expedient to make the principal of t~e ~aid debentures repayable in instalments during the period of twenty (20) years next after the date of issue of such debentures. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS: 1. That for the purpose of constructing and equipping the new additions to the Vincent Massey Collegiate Institute and the Herman Collegiate Institute by the Windsor Suburban High School District the Corporation of the County of Essex shall borrow upon the credit of the said Corporation a sum not exceeding $620,000.00 and shall issue debent- ures therefor. 2. That each debenture shall bear interest at the rate set forth in Schedule "A" attached to this by-law payable annually and shall have coupons attached thereto for the payment of such interest. 3. That the debentures shall be dated the 1st day of December, A. D. 1962, shall be issued at one time and shall be payable in twenty (20) annual instalments on the 1st day of December in each of the years 1963 to 1982, inclusive, and interest shall be payable on the 1st day of December, A. D. 1963, and thereafter interest shall be payable annual- ly on the 1st day of December in each of the years 1963 to 1982 inclusive, and the respective amounts of principal and interest payable in each of such years shall be the amounts so designated in Schedule "A" attached to and forming part of this by-law. &. 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. 5. 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, litho~raphed, printed or otherwise mechanically reproduced. The signature of the head of the council may be written or engraved, lithographed, printed, or otherwise mechanically reproduced and, if such debentures are countersigned in writing by the Deputy-Treasurer, the signature of the treasurer thereon may be written or engraved, lithographed, printed or otherwise mechanically reproduced.