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1850-69 BorrowingTempAdvances
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1850-69 BorrowingTempAdvances
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12/24/2012 10:29:08 AM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
2/5/1969
C - Council, Boards and By-laws - Department
Finance
C - Council, Boards and By-laws - Description
A bylaw authorizing the borrowing of temporary advances pending the passing of a bylaw for the issuance and sale of debentures to raise the sums required by the financing of the construction and equipping of the two group homes for children's aid.
C - Council, Boards and By-laws - Bylaw No
1805-69
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By-law
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CORPO ' ON OF THE COUNTY OF ESS <br /> <br />BY~.L~W NUMBER 1805 <br /> <br />A BY-LAW AUTH©RZZiNG THE BORROWING OF TEMPORARY ADVANCES <br />PENDING THE PASSING OF A BY-LAW FOR THE ISSUANCE AND <br />SALE OF DEBENTURES TO RAISE~THE SUMS REQUIRED BY THE <br />FINANCING OF THE CONSTRUCTION AND EQUIPPING OF THE TWO <br />GROUP HOMES FOR THE CHILDREN'S AID SOCIETY OF THE COUNTY <br />OF ESSEX IN THE CITY OF WINDSOR° <br /> <br /> WHEREAS the Children's Aid Society of the County <br />of Essex have requested the Council of the Corporation of the <br />County of Essex to raise %he sums required for the construction <br />and equipping of the Two Group Homes for the Children's Aid <br />Society of the County of' Essex in the City of Windsor; <br /> <br /> AND WHEREAS the Council of the Corporation of <br />the County by resolution has approved the said request~ <br /> <br /> AND WHEREAS by Order dated Monday, the 9th day <br />of December, 1968~ The Ontario Municipal Board~ pursuant to <br />Section 64 of The Ontar~o Municipal Board Act~ Chapter 274, <br />R. S. O. 1960, approved of the application of the Corporation <br />of the County of Esse×~ for the raising of the sum of $200,000.00 <br />for a grant to the Protestant Children's Aid Society of the <br />County of Essex for the purpose of construction and equipment <br />for the Two Group Homes in %he City cf Windsor, and has authorized <br />the Corporation of the O~%uty of Essex for such purposes to <br />pass all requisite oy~!~ws including by-laws providing for <br />temporary advances and for the issue and sale of debentures, <br />provided that the term of the debentures shall not exceed twenty <br />years (20), and provided that the salad Corporation may borrow <br />the whole or any parL of the said sum of SkO0~O00oO0 as required <br />pending rec~pt ~f suOsi~ies and the sale of debentures, or of <br />moneys to be receive~ from any other source; <br /> <br /> AND WHEREAS it is deemed expedient to borrow, <br />as temporary advanc:es pending the issue and sale of debentures, <br />the sum of $200,000°00 for the purpose aforesaid° <br /> <br /> NOW THEREFORE the Council of the Corporation <br /> ~ ~ follows: <br />of the County of Esse~.~ ~na~ts as <br /> <br /> (!) The ~orporation shall borrow and do'es <br />hereby authorize the borrowing from The Canadian Imperial Bank <br />of Commerce as temporary advances pending the issue and sale <br />of debentures, as above cited~ such advances as may be required <br />but not exceeding a total of $200,000~00 on the terms and subject <br />to the conditions set forth in this by-law. <br /> <br /> (2~ Within the limit aforesaid and as monies <br />are required from time to time for the purpose above cited, <br />the Warden and Treasurer of the County of Esse×~actingon behalf <br />of the Corporation of the County of Essex, are hereb) authorized <br />to borrow monies from the said bank for the said purpose; pending <br />the issue and sale of the debentures to be authorized as aforesaid <br />and to sign and deliver to the said bank such promissory note or <br />notes as may be required for the repayment of the monies borrowed <br /> <br /> <br />
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