1541-64 $464KCntyCourtsBuilding - Laserfiche WebLink

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BY-LAW NUMBER l~41 A By-law of the County o~ Essex to Authorize the Issue of Deb- entures in the Principal Amount of $464,000.00 in Lawful Money of Canada to pay the County of Essex portion of the cost of the Constructing and equipping the County Courts Building for the County of Essex. ~tEREAS the Corporation of the County of Essex have, by resolution, authorized the building of a County Courts Building for the County of Essex; AND WHEREAS the said plans, drawings and specifications for the said County Courts Building for the County of Essex, have been approved, by resolution, by the Councils of the Corporation of the City of Windsor and the Corporation of the Town of Riverside, and the County of Essex shall receive from the said Corporations of the City of Windsor and the Town of Riverside a proportionate share of the cost of the said County Courts Building for the County of Essex, as per agreement, dated 25th day of May, 1961, and confirmed by By-laws of the respective Municipalities passed by the Councils of the said Municipalities in open Council on the dates as noted thereon; AND WHEREAS in order to raise the sum required to pay the Countyts portion of the cost of the said County Courts Building for the County of Essex, the Council deems it necessary to borrow money by the issue and sale of debentures of the Corporation in the principal amount of $464,000.00 in lawful money of Canada bearing interest at the rate of 5 3/4 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 Countyts portion of the cost of the said County Courthouse Building for the County of Essex, 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 pricipal sum of $464,000.00 in lawful money of Canada. The said debentures shall bear interest at the rate of 5 3/4 per cent per annum, payable annually on the first day of December in each year of their currency and shall have coupons attached thereto for the payment of such interest. (2) That all of the said debentures shall be dated the first day of December, A.D. 1964, and shall be payable in T~enty (20) annual installments on the first day of December in each of the years 1965-1984, both inclusive, and the respective amounts of principal and interest pay- able 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. (4) The debentures shall be sealed with the seal of the Corporation of the County of Essex and signed by the 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 repro- duced 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 installment 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.