1961-71 $919KHospitalGrant - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW NUMBER 1961 A BY -LAW AUTHORIZING THE ISSUANCE OF DEBENTURES IN THE AMOUNT OF $919 FOR THE PURPOSE OF A GRANT TO THE METROPOLITAN GENERAL HOSPITAL: AND TO REPEAL BY -LAW #1910 passed on the lst day of October, 1970. 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 Metropolitan General Hospital in the City of Windsor the sum of $919,000.00 in part payment of the cost of the addition to Metropolitan General Hospital in the City of Windsor, which sum will be payable in eleven (11) annual instalments, 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 eleven (11) years commencing in the year following the issue of such deben- tures. 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 Metropolitan General Hospital in the City of Windsor the sum of $919,000.00 and shall issue debentures therefor in the amounts per annum shown in Schedule " A t ' 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, 1971, and shall be made payable in eleven (11) annual instalments on the 15th day of December, in each of the years 1971 to 1981, both inclusive, and the respective amount of principal payable in each of the said years shall be the amount so designated in Schedule " A t ' attached to and forming part of this by -law. 4. The said debentures when issued shall be delivered to Metropolitan General 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 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. 7. Commencing in the year 1971 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 respec- tive year in the third column 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 munici- pality and no fixed assessment or partial or total exemption from assessment or taxation shall apply thereto except as provided in Section 4 of The Assessment Act.