1645-66 $42KRetardedChildrenINC - Laserfiche WebLink

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DEBENTURE BY-LAW NUMBER 1645 A BY-LAW Authorizing a Grant in the Amount of $42,000.00 to the Essex County Association for Retarded Children, Incorporated, towards the Capital Costs of the Construction of the Proposed Addition to the Sun Parlor School for Retarded Children in the Town of Essex in the County of Essex, Payable over a period of Five (5) Years and to Authorize the Issuance of Debentures in the Amount of $42,000.00. WHEREAS Subsection 29 of Section 377 of The Municipal Act, bein~ Chapter 249, R.S.O. 1960, and ammendments thereto, authorizes Councils of all Municipalities to pass By-Laws for granting aid for the erection, establishment, maintenance or equipment of retarded schools and to issue debentures therefor; AND WHEREAS it is deemed expedient to grant to the Essex County Association for Retarded Children, Incorporated, the s~n of $42,000.00 payable in Five (5) equal annual instalments of $8,400.00 and to issue debentures therefor, without interest, payable annually in the amounts per annum shown in Schedule "A" attached to this By-Law; AND WHEREAS it is deemed expedient to make the principal of the said debt repayable in annual instalments during the period of Five (5) Years commencing in the year of the issue of Such debentures. NOW THEREFOR Be It Enacted and It Is Hereby Enacted by the Council of the Corporation of the County of Essex as follows: 1. For the purpose aforesaid the Council of the Corporation of the County of Essex shall grant to the Essex County Association for Retarded Children, Incorporated, the sum of $42,000.00 and shall issue debentures therefor in sums of $8,400.00 each. 2. Each debenture shall be payable without interest as set out in the respective years in Schedule "~' attached to this By-Law. 3. The debentures shall be dated the 1st day of December A. D. 1966 and shall be made payable in the Five (5) annual instalments on the 1st day of December in each of the years 1967 to 1971~ both inclusive, and the respective amount of principal payable in each of the said years shall be the amount so designated in Schedule "~' attached to and formir~ part of this By-Law. 4. The said debentures when issued shall be delivered to the Essex County Association for Retarded Children, Incorporated. 5. The debentures shall be payable in lawful money of Canada and may be made payable at the Canadian Imperial Bank of Commerce, corner of Sandwich Street and Mill Street, in the City of Windsor, or at the principal office of the said bank in the City of Toronto. 6. 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.