1904-70 $410KForSanitaryLandfil - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX Ilke F lAkU1 RIS4b111 A BY-LAW AUTHORIZING THE BORROWING OF $410,000 ON DEBENTURES TOWARDS THE PURCHASE OF LANDS FOR SANITARY LANDFILL SITES. WHEREAS the Corporation of the County of Essex is desirous of raising the sum of $410,000 towards the cost of purchase of lands for sanitary landfill sites for Districts Nos. 1, 2 and 3 located in the Townships of Colchester North, Gosfield South and Maidstone respectively, as authorized by By-law Nos. 1840, 1844 and 1896; AND WHEREAS it is expedient to borrow the said sum of $410,000 for the aforesaid purposes by the issue of debentures on the terms hereinafter mentioned; AND WHEREAS by its Orders G.8341-69, G.8622-69 and G.9769-70 dated respectively July 25th, 1969, September 4, 1969 and March 18, 1970 the Ontario Municipal Board has approved the said expenditure for the said purposes and the passing of all requisite by-laws, including by-laws providing for the issue of debentures; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE COUNTY OF ESSEX ENACTS AS FOLLOWS: 1. That for the purpose aforesaid there shall be borrowed on the credit of The Corporation of the County of Essex the sum of $410,000 and debentures shall be issued therefor in denominations of not less than $100 each. Each debenture shall bear interest payable•semi- annually on the 15th days of March and September in each year and shall have coupons attached thereto for the payment of such interest. The debentures maturing in the years 1971 to 1980, both inclusive, shall bear interest at the rate of Nine and One -Quarter Per Cent per annum and those maturing in the years 1991 to 1990, both inclusive, shall bear interest at the rate of Nine and One -Half Per Cent per annum. 2. The said debentures shall all be dated the 15th day of September, 1970 and shall be payable in twenty annual instalments of principal on the 15th day of September in each of the years 1971 to 1990, 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. 3. 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 the Mill and Sandwich Street Branch of the said Bank in the City of Windsor, Ontario, at the holder's option.