1505-63 IssueDebentures$230K - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY-LAW NUMBER,, 1~0,.~ A BY-LAW TO AUTHORIZE THE ISSUE OF DEBENTURES IN THE PRINICIPAL AMOUNT OF $230,000.00 LAWFUL MONEY OF CANADA TO PAY A PORTION OF THE COST OF THE CONSTRUCTION OF AND IMPROVEMENT TO CERTAIN ROADS IN THE COUNTY OF ESSEX. WHEREAS under the authority of Construction By-law number 1487 the Council of the Corporation of the County of Essex has constructed and improved certain roads more particularly described therein; AND 'WHEREAS the said works done have been approved by the Minister of Highways for the Province of Ontario and the County shall receive from the Province of Ontario a grant to be applied toward the payment of a portion of the cost of the said works; AND WHEREAS in order to raise the sum required to pay the Countyts portion of the cost of the said works, the COuncil. deems it necessary to borrow money by the issue and sale of debentures of the Corporation in the principal amount of $23~,000.00 in lawful money of Canada bearing interest at the rate of five and one-half per centum (5~%) per annum which is the amount of the debt intended to be created by this by-law. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS: 1. That in order to raise the sum required to pay the Countyts portion of the cost of the work set out in the Construc- tion By-law Number 1487, money shall be borrowed on the credit of the Corporation of the County of Essex at large by the issue and sale of debentures of the said Corporation in the principal amount of $23~,000.00 in lawful money of Canada. The said debentures shall bear interest at the rate of five and one-half per centum per annum payable annually on the let day of December in each year of their currency and shall have coupons attached thereto for the payment of such interest. 2. That all the said debentures shall be dated the let day of December, 1963 A. D. and shall be payable in five (5) instalments on the 1st day of December in the years 1964 to 1968, both inclusive, and the respective amounts of principal and interest payable in each of the said years shall be as set forth in Schedule "A" to this by-law which is hereby declared to be and to form part of this by-law. 3. 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 and Mill Streets, in the City of Windsor, or at the prin~ cipal office of the said bank in the cities of Toronto or Montreal. 4. That the said debentures shall be sealed with the seal of the Corporation 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, lithographed, 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 re- produced.