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THE C tORATION OF THE COUNTY OF <br /> BY-LAW NUMBER 2345 <br /> <br />A BY-LAW AUTHORIZING THB BORROWING OF $700,000 UPON <br />DEBENTURES TOWARDS THE COST OF RESURFACING CERTAIN <br />ROAD S. <br /> <br /> WHEREAS The Corporation of the County of Essex is desirous of raising <br />the sum of $700,000 towards the cost of resurfacing of the roads described in <br />Schedule "A" hereto, as authorized by By-law No. 2331; <br /> <br /> AND WHEREAS it is expedient to borrow the said sum of $700,000 for the <br />aforesaid purpose by the issue of debentures on the terms hereinafter mentioned; <br /> <br /> AND WHEREAS by its Order dated April 24, 1979 under its file number <br />E79364, the Ontario Municipal Board has approved the said expenditure for the said <br />purpose and the passing of all requisite by-laws; including by-laws providing for <br />the issue of debentures in a principal amount not exceeding $700,000. <br /> <br /> BE IT RESOLVED THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX <br />ENACTS AS FOLLOWS: <br /> <br />That for the purpose aforesaid there shall be borrowed on the credit <br />of The Corporation of the County of Essex the sum of $700,000 and <br />debentures shall be issued therefore in denominations of not less than <br />$50 each. Each debenture shall bear interest payable on December 15, <br />1979 with respect to the period from September 17, 1979 and thereafter <br />semi-annually on the 15th days of June and December in each year. The <br />debentures shall bear interest at the rate of ten and three-eighths <br />percent per annum. <br /> <br />The said debentures shall all be dated the 17th day of September, 1979 <br />and shall be payable in five annual installments of principal on the <br />15th day of December in each of the years 1979 to 1983, both inclusive, <br />and the respective amounts of principal and interest payable in each <br />of such years shall be as shown in Schedule "B" annexed hereto and <br />forming part of this by-law. <br /> <br />o <br /> <br />The said debentures shall be payable as to principal in lawful money of <br />Canada at the principal office of the Canadian Imperial Bank of Commerce <br />in either of the cities of Toronto or Montreal or at any branch of the <br />said bank in the County of Essex, at the holder's option. They shall <br />be in full registered form with provision for payment of interest in <br />like currency by cheque sent by post to the registered holder of each <br />such debenture. <br /> <br />The said debentures shall be sealed with the seal of the Corporation <br />and signed by the Warden or by some other person authorized by by-law <br />to sign the same and by the Treasurer. The signature of the Warden of <br />the Corporation on the debentures may be written or engraved, litho- <br />graphed, printed or otherwise mechanically reproduced~ <br /> <br /> <br />