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1447-62-Authorize the Issue of Debentures for the Cost of Construction & Rd Improvement
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1447-62-Authorize the Issue of Debentures for the Cost of Construction & Rd Improvement
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6/8/2012 4:19:35 PM
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AUGUST SPECIAL SESSION 445 <br />By - Laws <br />THE CORPORATION OF THE COUNTY OF l.88Z1 <br />By -Law Number 1447 <br />A BY -LAW TO AUTHORIZE THE ISSUZ OF DLrSEW <br />TURES IN THE PRINCIPAL AMOUNT OF $W2.0"@G <br />IN LAWFUL MONEY OF CANADA TO PAY A PORTION <br />OF THE COST OF THE CONSTRUCTION OF AND I1N- <br />PROVEMENT TO CERTAIN ROADS IN THE COUNTY <br />OF ESSEX. <br />WHEREAS under the authority of Comstruction By-law a®ba! <br />1436 the Council of the Corporation of the County ad Eesm bas eost <br />structed and improved certain roads more particularly described tbw*' <br />in; <br />AND WHEREAS the said works done have been approved by <br />the Minister of Highways for the Province of Ontario and the County <br />shall receive from the Province of Ontario a grant to be applied ttw wd <br />the payment of a portion of the cost of the said works; <br />AND WHEREAS in order to raise the sum miuired 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 $232.000.00 in lawful moray d <br />Canada bearing interest at the rate of five and one -half Per eaatuea <br />(5% %) per annum which is the amount oI the debt intasided to be <br />created by this by -law. <br />NOW THEREFORE THE COU'NCiL Or TM CORPORATWH <br />OF THE COUNTY OF ESSEX ENACTS AS Y'OLIAWS: <br />1. That in order to raise the sum required to psi+ the County's <br />portion of the cost of the work set out in the Co stmetim By -law <br />Number 1438, money shall be borrowed an the credit at the Caepoastiaa <br />of the County of Essex at large by the issue and sale of debentures of <br />
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