1698-67-Authorizing the Borrowing of Money for Construction to SPH

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APRIL SPECIAL SESSION, 1967 345 By - laws By -Law Number 1698 A BY -LAW AUTHORIZING} THE BORROWING OF $275,000.00 ON DEBENTURES FOR THE PURPOSLr OF CONSTRUCTION OF AN ADDITION TO THE SUN........... PARLOR HOME FOR SENIOR CITIZENS. WHEREAS the Corporation of the County of Essex is dedrow Of raising the sum of $275,00.00 to pay for the construction of an addi- tion to the Sun Parlor Home for Senior Citizens. AND WHEREAS it is expedient to borrow the said sum of $275,- 000.00 for the aforesaid purpose by the issue of debentures on the terms hereinafter mentioned. AND WHEREAS by its Orders F8139 -65 dated respectively the 23rd day of November, 1965 and the 25th day of November, 1966, The Ontario Municipal Board has approved the said expenditure for the said Purpose and the passing of all requisite by -laws, including bylaws Providing for the issue of debentures. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS: 1. That for the purpose aforesaid there shall be borrowed an the credit of The Corporation of the County of Essex the sum of ;275,- 000.00 and debentures shall be issued therefor in denominatioins of not less than $100. each. Each debenture shall bear interest at the rate of Stx and One-quarter Per Cent (6% %) per annum payable annually an the 1st day of May and shall have coupons attached thereto for the Payment of such interest. 2. The said debentures shall all be dated as of the 1st day of May, 1967 and shall be payable in ten annual instalments of principal on the 1st day of May in each of the years 1%8 to 1977, both inclusive, and the respective amounts of principal and interest payable in each of such years shall be as shown in Schedule "A" annexed herrto and forming part of this By -law. 3. The said debentures shall be payable as to both principal and interest in lawful money of Canada at the principal office of the