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THE CORPORATION OF THE COUNTY OF ESSEX BY-LA?~ NUMBER 2247 A BY-LAW AUTHORIZING THE BORROWING OF $600,000 UPON DEBENTURES TOWARDS TH~ CONSTRUCTION OF THE COUNTY OF ESSEX ADMINISTRATION BUILDING. WHEREAS The Corporation of the County of Essex is desirous of raising the sum of $600,000 towards the cost of construction of the County of Essex Administration Building, as authorized by By-law No. 2079; AND WHEREAS it is expedient to borrow the said sum of $600,000 for the aforesaid purpose by the issue of debentures on the terms' hereinafter mentioned; AND WHEREAS by its Orders dated January 8, 1974 and May 7, 1975 under its file number E732164, 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 $4,322,719; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS: That for the purpose aforesaid there shall be borrowed on the credit of The Corporation of the County of Essex the sum of $600,000 and debentures shall be issued therefor in denominations of $1,000 and $5,000 each. Each debenture shall bear interest payable semi-annually on the 30th days of May and November in each year and shall have coupons attached thereto~for the payment of such interest. The debentures maturing'~ in the years 1977 to 1981, both inclusive, shall bear interest at the rate of nine and three-quarters percent per annum, those maturing in the years 1982 to 1986, both inclusive, shall bear interest at the rate of ten percent per annum, and those maturing in the years 1987 to 1996, both inclusive, shall bear interest at the rate of ten and one-quarter percent per annum. The said debentures shall all be dated the 30th day of November, 1976 and shall be payable in twenty annual instalments of principal on the 30th day of November in each of the years 1977 to 1996, 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. 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 any branch of the said bank in the County of Essex, Province of Ontario, at the holder's option. 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. 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 otherwise mechanically reproduced.