1828-69 $787KforSecondarySchool - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY-LAW NUMBER 1828 A BY-LAW TO AUTHORIZE THE ISSUE OF A DEBENTURE IN THE PRINCIPAL AMOUNT OF $787,000.00 FOR SECO~SARY SCHOOL PURPOSES. WHEREAS the school board named in Schedule "A" hereto applied to the Council of the C~rporation of the County of Essex to provide the sum of $787,000.00 by the issue of Debentures of the Corporation for the secondary school purposes set out in Schedule "A" attached hereto and the Corpora- tion approved of said application; AND WHEREAS on the 1st day of Januaryj1969 the school board named in Schedule "A" attached hereto was dissolved and the secondary school projects set out in Schedule "A" hereto are now obligations of the divisional board which has jurisdiction in the school division, namely The Essex County Board of Education. AND WHEREAS pursuant to such application the Ontario Municipal Board on or before December 31, 1968 issued an Order or Orders approving of the said undertakings and the issue of Debentures therefor by this Municipality. AND WHEREAS for the purposes aforesaid the Council now deems it expedient to borrow money by the issue and sale to The Ontario Education Capital Aid Corporation of a Debenture of this Municipality in the p~incipat amount of $787~OOO.00 bearing interest at the rate of 7¼~ per annum payable semi-annually, which is the amount of the debt intended to be created by this By-law. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: t. That for the purposes aforesaid money shall be borrowed on the credit of The Corporation of the County of Essex by the issue of a Debenture of the Corporation in the principal amount of $787,000.00 bearing interest at the rate of 7~ per annum payable each year of the currency of the Debenture, upon the principal amount from time to time remaining unpaid. 2. That the said Debenture shall be dated the 1st day of January, 1969, and shall be payable in 20 annual instal- ments of principal on the 1st day of January in the years 1970 to 1989, inclusive, shall be as set forth in Schedule "B" attached hereto. 3. That the said payments of principal and interest shall be payable in lawful money of Canada by cheques sent through the post to the registered address of the registered owner of the Debenture and such cheques shall be payable at par in the City of Toronto. That the said Debenture shall be sealed with the Seal of the Corporation and shall be signed by the Head of the Council Or by some other person authorized by By-law to sign the same, and by the Treasurer. 5. That all sums required to pay off the instal- ments of principal of the Debenture to be issued hereunder and ~ to pay interest thereon as set out in the sixth column of ~~~ Schedule "B" attached hereto, shall be levied and raised in the years 1969 to 1989, inclusive, upon all the property rateable ...for secondary school purposes in the school division under the jurisdiction of The Essex County Board of Education in accordance with the provisions of The Secondary Schools and Boards of Education Act; and accordingly in each of such years there shall ,,~.~.~'/~_~ be levied and raised by a special rate sufficient therefor, over ,, ,, //-~-~and above all other rates, upon all the property rateable for 3 ;econdary school purposes in this unicipality, at the same time ~ ~7//~r~and in the same manner as other rates, this Municipality!s share ~~ . of the principal and interest falling due in each such year and ~'- ~- such share shall be determined in accordance with the provisions of The Secondary Schools and Boards of Education Act.