1698-67 $275KforSunParlor - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY-LAW NUMBER 1698 A By-law authorizing the borrowing of $275,000 on debentures for the purpose of the construc- tion of an addition to the Sun Parlor Home for Senior Citizens. WHEREAS The Corporation of the County of Essex is desirous of raising the sum of $275,000 to pay for the construc- tion of an addition to the Sun Parlor Home for Senior Citizens. AND WHEREAS it is expedient to borrow the said sum of $275,000 for the aforesaid purpose by the issue of debentures on the terms hereinafter mentioned. AND WHEREAS by its Orders F 8139-65 dated respectively the 23rd day of November, 1965 and the 25th day of November, 1966, The Ontario Municipal Board has approved the said expenditure for the said purpose and the passing of all requisite by-laws, including by-laws providing for tae issue of debentures. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS; 1. That for the purpose aforesaid there shall be borrowed on the credit of The Corporation of the County of Essex the sum of $275,000 and debentures shall be issued therefor in denominations of not less than $100 each. Esch debenture shall bear interest at the rate of Six and One quarterper Cent (6~ ~/o) per annum payable annually on the 1st day of May and shall have coupons attached thereto for the payment of such interest. The said debentures shall all be dated as of the 1st day of May, 1967 and shall be payable in ten annual instalments of principal on the 1st day of May in each of the years 1968 to 197~, both inclusive, and the respective amounts of principal and interest payable in each of such years shall be as shown in Schedule "A" annexed hereto and forming part of this By-law.