1721B-67 $528KforIODEhospital - Laserfiche WebLink

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DEBENTURE BY-LAW NUMBER 1721B A BY-LAW AUTHORIZING A G~ANT IN THE AMOUNT OF $5289000°00 TO THE ESSEX HEALTH ASSOCIATION OPERATING THE I o Go Do E. HOSPITAL. WHEREAS Sub-section 35 of Section 377 of The Municipal Act 'being Ro So Oo 19~0~ Chapter 249, and amendments thereto authorizes Councils of all municipalities to pa~by- laws for granti,ng aid for the erection, establishment, mainten- ance or equipment of public hospitals and to issue debentures tlm~refor~ AND WHEREAS i% is desm~dexpedient to grant to the Essex Health Association operating the I00oDoEo Hospital in the City of Windsor the sum of $528~000o00 payment of the cost of the addition to IoOoDoEo Hospital in the City of Windsor~ which sum will be payable in ten (10) annual instal- ments and to issue debentures therefor~ without interest~ payable annually in the amounts per annum shown in Schedule WA~ attached to this by-law~ AND WHEREAS it is deemed expedient to make the p~g.~pal of the said debt repayable in annual instalments dUring the period of ten (10) years commencing i.n the year following the issue of such debentures. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: 1o For tlhe purpose aforesaid the Council of the Corporation of the County of Essex shall grant to the Essex Health Association operating the Io Oo Do Eo Hospital in the City of' Windsor the Sum of $5289000°00 and shall issue debentures therefor in sums per annum shown in Sc!hedule "A'~ attached to this by~law~ 2o Each debenture shall be payable without interest as set out in the respective years in Schedule '~A'~ to this ~by~lawo 3° The debentures shall be dated the 1st day of May~ Ao Do 1969~ and shall be made payable in ten (10) annual instalments on the 15th day of December in each of the years 1970 to i979 both inc!usive~ and the respective amount of principal payable in each of the said years shall be the amount so designated in Schedule WAw attached to and forming part Of this by-lawo 4o The said debentures when issued shall be delivered to Essex Health Association operating the Io OoDoEo Hospital° 5o 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° 6o 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° 7o Commencing in the year 1970 and thereafter in each year in which an instalment of principal of the said debt becomes due~ the Corporation shall levy and raise the specific sum shown for the respective year in the third colum~ of the said Schedule~A~o Such sum shall be .~~ and raised by a special rate sufficient therefor over and adore all other rates upon the full value of all the rateable property in the