1589-65 Borrowing$VincentMassey - Laserfiche WebLink

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BY-LAW NUMBER 1589 A BY-LAW AUTHORIZI~G THE BORRO~fING OF TEMPORARY ADVANCES PENDING THE PASSING OF A BY-LA~V FOR THE I SSU~ANCE AND SALE OF DEBENTURES TO RAISE THE SUMS REQUIRED BY THE WINDSOR SUBURBAN DISTRICT HIGH SCHOOL BOARD FOR THE CONSTRUCTION AND EQUIPPING OF THE ~IE~ ADDITION AND ALTERATIONS TO THE VINCENT MASSEY COLLEGIATE. ~fHEREAS the majority of the municipalities includ- ed in the Windsor Suburban High School District have requested the Council of the Corporation of the County of Essex to raise the sums required for the construction and equipping of the new addition and alterations to the Vincent ~'~assey Collegiate in the Windsor Suburban High School District; AND ~VHEREAS the Council of the Corporation of the County of Essex by resolution has approved the said request; AND ~EREAS by Order dated Thursday, the 16th day of September, 1965, The Ontario Municipal Board, pursuant to Section 6& of The Ontario Municipal Board Act, Chapter 27&, R. S. O. 1960, has approved the construction and equipment by the Windsor Suburban District High School Board of an addi- tion and alterations to the Vincent Massey Collegiate Institute at a cost of Two ~'~llion, Two Hundred and Twelve Thousand, Five Hundred and Sixty Dollars ($2,212,560.00), and has authorized the Corporation of the County of Essex for such purposes to pass all requisite by-laws including by-laws providing for temporary advances and for the issue and sale of debentures, provided that the term of the debentures shall not exceed twenty (20) years. AND %~EREAS it is deemed expedient to borrow, as temporavy advances pending the issue and sale of debentures, the sum of $960,876.00 for the pUrpose aforesaid. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: 1. The Corporation shall borrow and doth hereby authorize the borrowing from The Canadian Imperial Bank of Commerce as temporary advances pending the issue and sale of debentures, as above cited, such advances as may be required but not exceeding a total of $960,876.00 on the terms and subject to the conditions set forth in this by-law. 2. Within the limit aforesaid and as monies are required from time to time for the purpose above cited, the Warden and Treasurer of the County of Essex, acting on behalf of the Corporation of the County of Essex, are hereby authorized to borrow monies from the said bank for the said purpose, pend- ing the issue and sale of the debentures to be authorized as aforesaid and to sign and deliver to the said bank such promissory note or notes as may be required for the repayment of the monies borrowed at such time or times and at such rate of interest as may be agreed upon with the said bank, but not exceeding the rate of six per centum i6~) per annum and to affix the Corporate seal of the Corporation of the County of Essex to such promissory note or notes. 3. The warden and treasurer are hereby authorized to assign and pledge the said debentures when issued to the said bank upon the issue thereof to be held by the said bank as colla- teral security for all monies borrowed under this by-law and interest thereon and to assign to the said bank the monies growing due from the sale of the said debentures when issued; and the pro- ceeds of the sale of the said debentures when issued, or so much thereof as may be necessary, shall be paid to the said bank in satisfaction of the monies borrowed under this by-law and interest thereon.