1973-71 SunParlorBorrowing$263K - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW NUMBER A By -law authorizing the borrowing of $263,500 upon debentures towards the cost of construction of an addition to the Sun Parlor Home for Senior Citizens. WIIEREAS The Corporation of the County of Essex is desirous of raising the sum of $263,500 towards the cost of construction of an addition to the Home for Senior Citizens adjacent to the existing Home on part of Lot 243 on the North Talbot Road Concession, in the Township of Mersea, in the said County as authorized by By -law Number 1957 passed on April 14, 1971; AND WHEREAS it is expedient to borrow the said sum of $263,500 for the aforesaid purpose by the issue of deben- tures on the terms hereinafter mentioned; AND WHEREAS by its Order H.2234 -71 dated March 30, 1971, the Ontario Municipal Board has approved the said pur- pose and the passing of all requisite by -laws, including by- laws providing for the issue of debentures in the said sum; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS: 1. That for the purpose aforesaid there shall be borrowed on the credit of The Corporation of the County of Essex the sum of $263,500 and debentures shall be issued therefor in denominations of not less than $50 each. Each debenture shall bear interest payable annually on the 15th day of July in each year during their currency and shall have coupons attached thereto for the payment of such interest. The debentures maturing in the years 1972 to 1976, both inclus- ive, shall bear interest at the rate of Seven and One -Half Per Cent per annum and those maturing in the years 1977 to 1981, both inclusive, shall bear interest at the rate of Seven and Three - Quarters Per Cent per annum. 2. The said debentures shall all be dated the 15th day of July, 1971, and shall be payable in ten annual instalments of principal on the 15th day of July in each of the years 1972 to 1981, both inclusive, and the respective amounts of principal and interest payable in each of such years shall be as shown in Schedule "A" annexed hereto and forming part of this By -law. 3. The :3ai_d deheritur.e:, ::hall he pay:iblo a:: to buLh principal and interest in lawful money of Canada at the prin- cipal office of the Canadian Imperial Bank of Commerce in either of the cities of Toronto or Montreal or at the Mill and Sandwich Streets Branch of the said Bank in the City of Windsor, Ontario, at the holder's option. 4. (i) The said debentures shall be sealed with the seal of the Corporation and signed by the Warden or by some other person authorized by by -law to sign the same and '.y the Treasurer. The said interest coupons shall be signed by the Treasurer. (ii) The signature of the Warden of the Corporation on the debentures and the signature of the Treasurer on the said interest coupons may be written or engraved, lithographed, printed or other- wise mechanically reproduced.