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BY-I~W NUMBER 1570 <br /> <br />A BY-LAW AUTHORIZING A GRANT IN THE ~J~iOUNT <br />OF $700,000.00 TO THE LE~INGTON DISTRICT <br />MEMORIAL HOSPITAL PAYABLE OVER A PERIOD OF <br />TEN (10) YEARS AND TO AUTHORIZE THE ISSUANCE <br />OF DEBENTURES IN THE AMOUNT OF $700,000.00. <br /> <br /> WHEREAS Sub-section 35 of Section 377 of The Municipal <br />Act being R.S.O. 1950, Chapter 249 and amendments thereto authorizes <br />Councils c~ all municipalities to pass by-laws for .granting aid for <br />the erection, establishment, maintenance or equipment of public hos- <br />pitals and to issue debentures therefor; <br /> <br /> AND WHEREAS it is deemed expedient to grant to the Leam~ <br />ington District Memorial Hospital the sum of $700,000.00 payable in <br />ten (10) equal annual instalments of $70,000.00 and to issue deben- <br />tures therefor, without interest, payable annually in the amounts per <br />annum shown in Schedule "A" attached to this By-law; <br /> <br /> AND ~EREAS it is deemed expedient to make the principal <br />of the said debt repayable in annual instalments during the period <br />of ten (lO) years commencing in the year of the issue of such deben- <br />tures. <br /> <br /> NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE <br />COUNTY OF ESSEX ENACTS AS FOLLOWS: <br /> <br /> 1. For the purpose aforesaid the Council of the Corpora- <br />tion of the County of Essex shall grant to the Leamington District <br />Memorial Hospital the sum of $700,000.00 and shall issue debentures <br />therefor in sums of $70,000.00 each. <br /> <br /> 2. Each debenture shall be payable without interest as <br />set out in the respective years in Schedule "A" attached to this <br />By-law. <br /> <br /> 3. The debentures shall be dated the 15th day of Sept- <br />~ember, A.D., .1965 and shall be made payable in the (10) annual instal- <br /> ments on the 15th day of December in each of the years 1966 to 1975, <br /> both inclusive, and the respective amount of principal payable in <br /> each of the said years shall be the amount so designated in Schedule <br /> "A" attached to and forming part of this By-law. <br /> <br /> 4. The said debentures when issued shall be delivered <br />to the Leamington District Memorial Hospital. <br /> <br /> 5. The debentures shall be payable in lawful money of <br />Canada and may be made payable at the Imperial Bank of Canada, corner. <br />of Sandwich Street and ~ill Street, in the City of Windsor, or.a~ <br />the principal office of the said bank in the City of Toronto. <br /> <br /> 6. The said debentures shall be sealed with the seal <br />of the Corporation and signed by the Head of the Council or by some <br />other person authorized by By-law to sign the same and by the <br />Treasurer. <br /> <br /> 7. Commencing in the year 1966 and thereafter in each <br />year in which an instalment of principal of the said debt becomes <br />due, the Corporation shall levy and raise the specific sum shown for <br /> respective year in the third column of the said Schedule "A". <br /> ,ach sum shall be levied and raised by a special rate sufficient <br />~i~erefor over and above all other rates upon the full value of all <br />vhe reateable property in the municipality and no fixed assessment <br />or partial or total exemption from assessment or taxation shall apply' <br />Vhereto except as provided in Section & of the AssessmeSAct. <br /> <br /> 8. This By-law shall come into full force and effect <br />afLer it has received the approval of the Ontario Municipal Board. <br /> <br /> ~ Read a first and second time this/~day of~) <br /> <br /> Warden .... ~ ~~~' ~'[ <br /> <br /> . Read a thi,rd time and finally p~%e~ d tki~,~'.~'' day <br />. . ,, ,, ....... ,.'- <br /> <br /> <br />