1721A-67 $528KforIODEhospital - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF DEBENTURE BY-LAW NUMBER 1721A A BY-LAW AUTHORIZING A GRANT IN THE AMOUNT OF $528,000.00 TO THE ESSEX HEALTH ASSOCIATION OPERATING THE I. O. D. E. HOSPITAL. WHEREAS Sub-section 35 of Section 377 of The Municipal Act being R. S. O. 1960, Chapter 249, and amendments thereto authorizes Councils of all munici- palities to pass by-laws for granting aid for the erection, establishment, maintenance or equipment of public hospitals and to issue debentures therefor; AND WHEREAS it is deemed expedient to grant to the Essex Health Association operating the I. O. D. E. Hospital in the City of Windsor the of $528,000.00 payment of the cost of the addition I. O. D. E. Hospital in the City of Windsor, which sum will be payable in ten (10) annual instalments and to issue debentures therefor, without interest, payable annually in the amounts per annmm 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 ten (10) years commenc- ing in the year following the issue of such debentures. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: 1. For the purpose aforesaid the Council of the Corporation of the County of Essex shall grant to the Essex Health Association operating the I.O.D.E. Hospital in the City of Windsor the sum of $528,000.00 and shall issue debentures therefor in sums per annum shown in Schedule "A" attached to this by-law; 2. Each debenture shall be payable without interest as set out in the respective years in Schedule "A" to this by-law. 3. The debentures shall be dated the 1st day of May, A. D. 1968, and shall be made payable in ten (10) annual instalments on the 15th d~y of December in each of the years 1969 to 1978 both inclusive, and the respective amount of principal payable in each of the said years shall be the amount so designated in Schedule "A" attached to and forming part of this by-law. 4. The said debentures when issued shall be delivered to Essex Health Association operating the I. O. D. E. Hospital. 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 and Mill Streets, 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.