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11 THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW NUMBER 2074 A BY -LAW AUTHORIZING THE BORROWING OF $286,000 UPON DEBENTURES TOWARDS THE PURCHASE AND IMPROVEMENT OF LANDS FOR THE ESSEX COUNTY LANDFILL SITE, DISTRICT III WHEREAS The Corporation of the County of Essex is desirous of raising the sum of $286,000 towards the cost of purchase and improvement of property comprising the easterly 100 acres of Farm Lots 14 and 15, Concession 4 in the Township of Maidstone for the Essex County Sanitary Land Fill Site, District III, as authorized by By -law No. 2061 ; AND WHEREAS it is expedient to borrow the said sum of $286,000 for the aforesaid purpose by the issue of debentures on the terms hereinafter mentioned; AND WHEREAS by its Order dated October 3, 1972 under its file number H5971, the Ontario Municipal Board has approved the said expenditure for the said purpose and the passing of all... requisite by -laws, including by -laws providing for the issue of debentures in a principal amount not exceeding $286,000; 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 $286,000 and debentures shall be issued therefor in denominations of not less than $1,000 each. Each debenture shall bear interest payable annually on the 31st day of July in each year and shall have coupons attached thereto for the payment of such interest. The debentures maturing in the years 1974 to 1983, both inclusive, shall bear interest at the rate of eight per cent per annum and those maturing in the years 1984 to 1993, both inclusive, shall bear interest at the rate of eight and one -half per cent per annum. 2. The said debentures shall all be dated the 31st day of July, 1973 and shall be payable in twenty annual instalments of principal on the 31st day of July in each of the years 1974 to 1993, 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 said debentures shall be payable as to both principal and interest in lawful money of Canada at the principal office of the Canadian Imperial Bank of Commerce in either of the cities of Toronto or Montreal or at the Mill and Sandwich Street 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 by the Treasurer. The said interest coupons shall be signed by the Treasurer.