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NOVEMBER SPECIAL SESSION 561 <br />THE CORPORATION OF THE COUNTY OF ESWM <br />By -Law Number 1505 <br />A BYLAW TO AUTHORIZE THE ISSUZ OF DEEM <br />TUBES IN THE PRINCIPAL AMOUNT OF $23 000 -N <br />LAWFUL MONEY OF CANADA TO PAY A PORTION <br />OF THE COST OF THE CONSTRUCTION OF AND 116 <br />PROVEMENT TO CERTAIN ROADS IN THZ COUNTY <br />OF ESSEX. <br />WHEREAS under the authority of Construction By4aw Number <br />1487 the Council of the Corporation of the County of Eesez has coeo. <br />tructed and improved certain roads more particularly described therein; <br />AND WHEREAS the said works done have been approved by the <br />Minister of Highways for the Province of Ontario and the County shall <br />receive from the Province of Ontario a grant to be applied toward the <br />payment of a portion of the cost of the said works; <br />AND WHEREAS in order to raise the sum required to pity 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 of <br />the Corporation in the principal amount of $230,000.00 in lawful money <br />of Canada bearing interest at the rate of five and one-half per ceatuss <br />(535%) per annum which is the amount of the debt intended to be <br />created by this by-law. <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 Coins <br />portion of the cost of the work set out in the Construction By -law <br />Number 1487, money shall be borrowed on the credit of the Corporation <br />of the County of Essex at large by the issue and sale of debentures of <br />the said Corporation in the principal amount of V30,00A00 in lawful <br />money of Canada. The said debentures ab bear int+ersst at the rate <br />of five and one -half per eentum (5%9i) pee ammm payable annualyr <br />