1540-64 $313KForRdImprovements - Laserfiche WebLink

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BY-LAW NU~E~ 15~+0 A BY-LAW TO AUTHORIZE THE ISSUE OF DEBENTURES IN THE PRINCIPAL AMOUNT OF $313,~25.00 LAWFUL MONEY OF CANADA TO PAY A PORTION OF THE CONSTRUCTION OF AND IMPROVEMENT TO CERTAIN ROADS IN THE COUNTY OF ESSEX. ~EREAS under the authority of Construction By-law Number 1527 the Council of the Corporation of the County of Essex has constructed and improved certain roads more particularily described therein; AND WHEREAS the said works done have been approved by the ~nister of Highways for the Province of Ontario and the County shall reeive 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 $313,425.00 in lawful money of Canada bearing interest at the rate of 5~2 per cent 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 County's portion of the cost of the work set out in the Construction By-law Number 1527, money shall be borrowed onthe 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 $313,~25.00 in lawful money of Canada. The said debentures shall bear interest at the rate of 5 !/2 per cent per annum payable annually on the 1st 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 1st day of December, 196~ A. D. and shall be payable in five (5) instalments on the 1st day of December in the years 1965 to 1969, 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-lawwhich 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 Street and Mill Street in the City of Windsor, or at the principal offices of the said bank in the City of Toronto. A. That the said debentures shall be sealed with the seal of the Corporation of the County of Essex 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 reproduced. 5. That commencing in the year 1965 and thereafter in each year in which an instalment of principal of the said debt and interest becomes due, the Corporation shall levy and raise the specific sum shown for the respective year in the sixth column of the said Schedule "A". Such sum shall be levied and raised by a special rate sufficient therefor over and above all other rates upon all the rateable property in the municipality. 6. That the said debenture may contain a clause providing for the registration thereof pursuant to Section 323 of the Municipal Act, Chapter 249, R. S. O. 1960. 7. That pending the sale of the said debentures the Warden and the Treasurer may receive for the purposes aforesaid by way of a loan on such debentures any sum or sums of money not exceeding in all the sum hereby authorized to be borrowed and may hypothecate such debentures for such a loan. 8. This by-law shall take ef~f~ct ~Come into force upon the day of such final reading thereof. ~ ' '~ . Passed this 2~ day °~~~~_~,/ A~D. 1964. ~