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BY-LAW NUMBER 2724 <br /> <br />A BY-LAW TO AUTHORIZE A GRANT IN AID TO THE UNIVERSITY <br />OF WINDSOR IN THE AMOUNT OF $800,000.00 FOR THE <br />CONSTRUCTION OF NE~ FACILITIES. <br /> <br /> WH~{EAS Sub-section 1 of Section 113 of the Municipal Act, R.S.O. 1980, <br />Chapter 302 and amendments thereto, authorizes Cbuncils of all municipalities to <br />pass by-lawS for g~anting aid in the best interest of the rmlnicipality, <br /> AND WHEREAS, it is deemed beneficial to the municipality to grant to the <br />University of Windsor in the City of Windsor the sum of $800,000.00 for the <br />construction of new facilities, <br /> AND WHEREAS it is deemed expedient to n~ke the principal of the said <br /> grant payable in fifteen (15) annual instalments, without interest, payable <br /> annually in the amounts per annum shown in Schedule "A" attached to this <br /> by-law, <br /> NOW THEREFORE the Council of the Corporation of the Gounty of Essex <br /> enacts as follows: <br /> 1. For the purpose aforesaid the Council of the Corporation of the County <br /> of Essex shall grant the University of Windsor in the City of Windsor tb~ sum of <br /> $800,000.00. <br /> 2. The $800,000.00 grant shall be made payable in fifteen (15) annual <br /> instalments on the 20th day of December, in each of the years 1988 to 2002 both <br /> inclusive, and the respective amount of p~incipal payable in each of the said <br /> years shall be the amount se designated in Schedule "A" attached to and forming <br /> part of this by-law. <br /> 3. Conmencing in the year 1988 and thereafter in each year in which an <br /> instalment of principal of the said grant becomes due, the Corporatic~n shall <br /> levy and raise the s~ific sum shown for the respective year in the said <br /> Schedule "A". Such sum shall be levied and raised by a special rate sufficient <br /> therefor over and ~bove all other rates upon the full value of all the rateable <br /> property in the municipality and no fixed assessment of partial or total <br /> exemption from assessment or taxation shall apply thereto except as provided in <br /> The Assessment Act. <br /> 4. This by-law shall come into force and take effect after it has <br /> received the approval of the Ontario Municipal Board. <br /> Read a first and second time and finally passed this. 20thday of <br /> <br /> <br />