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THE CORPORATION OF THE COUNTY OF ESSEX <br /> <br />BY-LAW NO. 38-2001 <br /> <br />A BY-LAW TO AUTHORIZE THE ISSUE OF <br />INSTALMENT DEBENTURES IN THE PRINCIPAL <br />AMOUNT OF $30,106,000.00 FOR THE PURPOSES <br />OF THE CORPORATION OF THE TOWN OF <br />ESSEX, THE CORPORATION OF THE TOWN OF <br />LAKESHORE, THE CORPORATION OF THE <br />TOWN OF LASALLE AND THE CORPORATION <br />OF THE MUNICIPALITY OF LEAMINGTON <br />($15,365,000.00 OF WHICH MAY BE RAISED BY <br />THE ISSUE OF REFUNDING DEBENTURES IN <br />THE FINAL YEAR OF MATURITY) <br /> <br /> WHEREAS Section 125 of the Municipal Act R.S.O. 1990 c. M.45, as <br />amended, (the "Municipal Act"), provides that where a municipality which forms part of <br />a county for municipal purposes is authorized or required to provide money for any <br />purposes, and it is necessary to raise such money by the issue of debentures, the council <br />of the municipality may by resolution request the council of the county in which it is <br />situate to raise such money by the issue of debentures of the county; <br /> <br /> AND WHEREAS The Corporation of the Town of Essex, The <br />Corporation of the Town of Lakeshore, The Corporation of the Town of LaSalle and <br />The Corporation of the Municipality of Leamington (individually a "participating <br />municipality", collectively the "participating municipalities") form part of The <br />Corporation of the County of Essex (the "County") for municipal purposes and the <br />participating municipalities deem it necessary to raise money by the issue of debentures <br />of the County in the maximum principal amount of $30,106,000.00 in respect of the <br />purposes of the participating municipalities described in column 1 of Schedule "A" <br />attached hereto ("Schedule "A'"'), which purposes were approved by the Councils of the <br />participating municipalities by the respective by-laws of the participating municipalities <br />set forth in column 1 of Schedule "A", for which the respective participating <br />municipalities are authorized or required to provide money as set out in Section 125 of <br />the Municipal Act; <br /> <br /> AND WHEREAS the Council of the County has received requests from <br />the respective Councils of the participating municipalities to borrow money for their <br />respective purposes set out in column 1 of Schedule "A", and to issue debentures tbr <br />such purposes in the respective amounts set out in column 5 of Schedule "A" and the <br />Council of the County has considered such requests and has approved such requests; <br /> <br /> AND WHEREAS for such purposes it is expedient to issue debentures On <br />the credit of the County in the aggregate principal amount of $30,106,000.00 in order to <br />provide the respective amounts set out in column 5 of Schedule "A", such debentures to <br /> <br /> <br />