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40 <br />THE CORPORATION OF THE COUNTY OF ESSEX <br />BY —LAW NUMBER 1962 <br />A BY —LAW AUTHORIZING THE ISSUANCE OF DEBENTURES IN THE AMOUNT <br />OF $433,000.00 FOR THE PURPOSE OF A GRANT TO THE I. 0. D. E. <br />MEMORIAL HOSPITAL; AND TO REPEAL BY —LAW NUMBER 1911 PASSED <br />ON THE LST DAY OF OCTOBER, 1970. <br />WHEREAS Sub — section 35 of Section 377 of the Municipal <br />Act, R. S. 0. 1960, Chapter 249, and amendments thereto, authorizes Councils <br />of all municipalities to pass by—laws for granting aid for the erection, <br />establishment, maintenance, or equipment of public hospitals, and to issue <br />debentures therefor; <br />AND WHEREAS, it is deemed expedient to grant to I.O.D.E. <br />Memorial Hospital in the City of Windsor the sum of $433,000.00 in part <br />payment of the cost of the addition to I. 0. D. E. Memorial Hospital in <br />the City of Windsor, which sum will be payable in eleven (11) annual instal— <br />ments, and to issue debentures therefor, without interest, payable annually <br />in the amounts per annum shown in Schedule " A " attached to this by —law. <br />AND WHEREAS it is deemed expedient to make the principal <br />of the said debt repayable in annual instalments during the period of <br />eleven (11) years commencing in the year following the issue of debentures. <br />NOW THEREFORE the Council of the Corporation of the County <br />of Essex enacts as follows: <br />1. For the purpose aforesaid the Council of the Corpora— <br />tion of the County of Essex shall grant to I. 0. D. E. Memorial Hospital <br />in the City of Windsor the sum of $433,000.00 and shall issue debentures <br />therefor in the amounts per annum shown in Schedule " A t ' attached to this - <br />by —law; <br />2. Each debenture shall be payable without interest as <br />set out in the respective years in Schedule " A l ' attached to this by —law. <br />3. The debentures shall be dated the 1st day of November, <br />1971, and shall be made payable in eleven (11) annual instalments on the <br />15th day of December, in each of the years 1971 to 1981, both inclusive, <br />and the respective amount of principal payable in each of the said years <br />shall be the amount so designated in Schedule "A attached to and forming <br />part of this by —law. <br />4. The said debentures when issued shall be delivered to <br />I. 0. D. E. Memorial Hospital in the City of Windsor. <br />5. The debentures shall be payable in lawful money of <br />Canada and may be payable at the Canadian Imperial Bank of Commerce, <br />corner of Sandwich and Mill Streets, in the City of Windsor, or at the <br />principal office of the said bank in the City of Toronto. <br />6. The said debentures shall be sealed with the seal of <br />the Corporation and signed by the Head of the Council or by some other <br />person authorized by by —law to sign the same and by the Treasurer. <br />7. Commencing in the year 1971 and thereafter in each <br />year in which an instalment of principal of the said debt becomes due, the <br />Corporation shall levy and raise the specific sum shown for the respective <br />year in the third column of the said Schedule ItAn, Such sum shall be levied <br />and raised by a special rate sufficient therefor over and above all other <br />rates upon the full value of all the rateable property in the municipality <br />and no fixed assessment or partial or total exemption from assessment or <br />taxation shall apply thereto except as provided in Section 4 of The Assess— <br />ment Act. <br />