1819-69 TempAdvForRCChildrenAid - Laserfiche WebLink

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CORPORATION OF THE COUNTY OF ESSEX BY-LAW NUMBER 1819 A BY-LAW AUTHORIZING THE BORROWING OF TEMPORARY ADVANCES PENDING THE PASSING OF A BY-LAW FOR THE ISSUANCE AND SALE OF DEBENTURES TO RAISE THE S~S REQUIREO BY THE FINANCING OF THE COnSTRUC- TION AN~ EQUIPPING OF THE NEW RECEIVING HOME FOR THE ROMAN CATHOLIC CHILDREN'S AIO SOCIETY FOR THE COUNTY OF ESSEX IN THE CiTY OF WHEREAS the Roman Catholic Children's Aid Society for the County of Essex have requested the Council of the Corporation of the County of Essex to raise the sums required for the construction and equipping of the Receiving Home for the Roman Catholic Children's Aid Society for the County of Essex in the City of Windsor; AND WHEREAS the Council of the Corporation of the County of Essex by resolution has approved the said request; A~$ WHEREAS by Order dated Monday, the llth day of March, 1969, The Ontario Municipal Board, pursuant to Section 64 of The Ontario Municipal Board Act, Chapter 274, R. S. O. 1960, approved of the application of the Corporation of the County of Essex, for the raising of the sum of $250,000.00 for a grant to the Roman Catholic Children's Aid Society for the County of Essex for the purpose of construction and equipment for the Receiving Home in the City of Windsor, 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 debentur~s~ provided that the term of the debentures shall not exceed twenty years (20), and provided that the said Corporation may borrow the whole or any part of the said sum of $250,000.00 as required pending receipt of subsidies and the sale of debentures, or of moneys to be received from any other source; AND WHEREAS it is deemed expedient to borrow, as temporary advances pending the issue and sale of debentures, the sum of ~250,000.00 for the purpose aforesaid. NOW THEREFORE the Council of the Corpora- tion of the County of Essex enacts as follows: (1) The Corporation shall borrow and does 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 $250,000.00 on the terms and subjec5 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 resuired 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, per annum, and to affix the Corporate Seal of the Corporation of the County of Essex to such promissory note or notes.