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BY-LAW NUMBER 2213 A BY-LAW TO AUTHORIZE THE ISSUE OF A DEBENTURE IN THE PRINCIPAL AMOUNT OF $2,681,575.00 FOR THE PURPOSES REFERRED TO IN SCHEDULE "A" ATTACHED HERETO. WHEREAS the Council of the Corporation of the County of Essex now deems it expedient for the purposes set out in Schedule "A" attached hereto to borrow money by the issue and sale to The Treasurer of Ontario of a Debenture of this Municipality in the principal amount of $2,681,575.00 bearing interest at the rate of 8.86% per annum payable semi-annually, which is the amount of debt intended to be created by this By-law. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: 1. THAT for the purposes aforesaid money shall be borrowed on the credit of the Corporation of the County of Essex by the issue of a Debenture of the Corporation in the principal amount of $2,681,575.00 bearing interest at the rate of 8.86% per annum payable semi-annually on the 1st day of June and the 1st day of December in each year of the currency of the Debenture, upon the principal amount from time to time remaining unpaid. 2. THAT the said Debenture shall be dated the 1st day of December, 1975 and shall be payable in 20 annual instalments of principal on the 1st day of December in the years 1976 to 1995, inclusive, and the respective amounts of principal and interest payable in respect of such Debenture in the years 1976 to 1995, inclusive, shall be as set forth in Schedule "B" attached hereto. 3. THAT the said payments of principal and interest shall be pay- able in lawful money of Canada by cheques sent through the post to the regis~er~ ed address of the registered owner of the Debenture and such cheques shall be payable at par in the City of Toronto. 4. THAT the said Debenture shall be sealed with the Seal of the Corporation and shall be signed by the Head of the Council or by some other person authorized by By-law to sign the same, and by the Treasurer. 5. Commencing in the year 1976 and thereafter in each year of the currency of debenture, there shall be levied and raised annually by the local municipalities in the said County of Essex; the specific sum of such year as shown in said Schedule "B". Such sum shall be levied and raised by sufficient rate sufficient therefor over and above all other rates upon all the rateable property in such municipalities, and shall be paid to the County Treasurer to be used by him for the purpose of making such payment. THAT the said Debenture be sold to The Treasurer of Ontario. 7. THAT the said Debenture shall contain a clause providing for the registration thereof pursuant to Section 326 of The Municipal Act. 8. (a) The Corporation shall have the right, at its option, to redeem the said Debenture on any interest payment date prior to maturity by pay- ment of the unmatured principal amount thereof together with interest accrued t~ CONT'D.