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BY-LAW NU~vlBER 1699 A BY-LAIr AUTHORIZING THE BORRO~'~ING OF T~dPORARY ADVANCES PENDING THE PASSING OF A BY-LAW FOR THE ISSUANCE AND SALE OF DEBENTURES TO RAISE THE SUrfS REQUIRED BY THE NORTH ESSEX DISTRICT HIGH SCHOOL BOARD FOR THE CONSTRUCTION AND EQUIPPING OF THE }.~EW ADDITIONS TO THE NORTH ESSEX DISTRICT HIGH SCHOOL. ~?HEREAS the majority of the municipalities included in the North Essex 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 additions to the North Essex District High School in the Village of Belle River. AND WHEREAS the Council of the Corporation of the County of Essex by resolution has approved the said request; AND WHEREAS by Order dated Wednesday, the 26th day of April, 1963, The Ontario Municipal Board, pursuant to Section 66 of The Ontario Municipal Board Act, Chapter 276, R. S. O. 1960 has approved the construction and equip- ment by the North Essex District High School Board of an addi- tion to the North Essex District High School at a cost of $757,858.00 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 WHEREAS it is deemed expedient to borrow, as -temporary a~vances pending the issue and sale of debentures, the sum of $787,858.00 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 $757,$55.00 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, pending 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 (6%) 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 bank upon 'the issue thereof to be held by the said bank as collateral 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 proceeds 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.