1911-70 $387KMemorialHospital - Laserfiche WebLink

Home Browse Search

CORPORATION OF THE COUNTY OF ~'S~''~' BY-LAW NUMBER 1911 A BY-LAW AUTHORIZING THE BORROWING OF $387~000.00 FOR THE PURPOSE OF A GRANT TO THE I. 0. D. E. MEMORIAL HOSPITAL. WHEREAS Sub-section 35 of Section 377 of the Municipal Act~ R. S. 0. 1960, Chapter 249, and amendments thereto, authorizes Councils of all municipalities 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 1.0.D.E. Memorial Hospital in the City of Windsor the sum of $387,000.00 in part payment of the cost of the addition to I. 0. D. E. Memorial Hospital in the City of Windsor, which sum will be payable in eight (8) annual instal- ments~ and to issue debentures therefor, without interest~ payable annually in the amounts per annum 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 eight (8) years con~nencing 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 Corpora- tion of the County of Essex shall grant to I. O. D. E. Memorial Hospital in the City of Windsor the sum of $387,000.00 and shall issue debentures therefor in the amounts 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" attached to this by-law. 3. The debentures shall be dated the 1st day of November, 1970, and shall be made payable in eight (8) annual instalments on the 15th day of December , in each of the years 1970 to 1977~ 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 I. O. D. E. Memorial Hospital in the City of Windsor. 5. The debentures shall be payable in lawful money of Canada and may be payable at the Canadian Imperial Bank of Con~nerce, 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 0ouncil or by some other person authorized by by-law to sign the same and by the Treasurer. 7. Con~nencing 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 colunm of the said Schedule "A". Such sum shall be levied and raised by a special rate sufficient therefor over and above all other rates upon the full value of all the rateable property in the municipality and no fixed assessment or partial or total exemption from assessment or taxation shall apply thereto except as provided in Section 4 of The Assess- ment Act°