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92 JANUARY REGULAR SESSION, 1984 <br />AND WHEREAS in order to raise the sum required to pay the <br />County's portion of the cost of the said works, the Council deems it <br />necessary to borrow money by the issue and sale of debentures d the <br />Corporation in the principal amount of $70,000.00 in lawful money d <br />Canada bearing interest at the rate of six per centum (6%.) per ammm <br />which is the amount of the debt intended to be created by this b7-lsa. <br />NOW THEREFORE THE COUNCIL OF THE CORPORATION <br />OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS: <br />1. That in order to raise the sum required to pay the Comntys <br />Portion of the cost of the work set out in the schedule attached hereto <br />money shall be borrowed on the credit of the Corporation of the County <br />of Essex at large by the issue and sale of debentures of the said Corpor- <br />ation in the principal amount of $70,000.00 in lawful money of Canada <br />The said debentures shall bear interest at the rate of six per amttmm <br />(6 %) per annum payable annually on the first day of December is <br />each year of their currency and shall have coupons attached thereto <br />for the payment of such interest. <br />2. That all the said debentures shall be dated the first deer at <br />December, 1962, A.D. and shall be payable in ten (10) annual instal• <br />ments on the first day of December in the years 1963 to IW% both <br />inclusive, and the respective amounts of principal and interest payable <br />In each of the said years shall be as set forth in Schedule "A' to this <br />by -law which is hereby declared to be and to form part of this byday. <br />3. That the said debentures shall be payable as to both prblew <br />and interest in lawful money of Canada at the Canadian Imperial gawk <br />of Commerce, corner of Sandwich Street and Mill Street in the City of <br />Windsor or at the principal office of the said bank in the Cities of <br />Toronto or Montreal. <br />4. That the said debentures shall be sealed with the Corporate <br />Seal of the County and shall be signed by the Warden or by sense otia <br />person authorized by by -law to sign in his stead and by the Tragwnw. <br />The interest coupons attached to the said debentures shall be signed <br />by the Mvaaurer and his signature thereon may be written. stsaspg4 <br />lithographed or engraved. <br />5. That oaminencing in the veer 1963 and thereafter is eaeh year <br />in which an instalment of principal of the said debt and inter at lip <br />cares due. the Corporation ahall levy and raise the speeitic sum siowa <br />for the respective year in the sixth column of the said SebedUW "A„ <br />