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DEBENTURE BY-LAW NUMBER 1720B <br /> <br />A BY~-LAW ' ~ ~' <br /> AUTHOR~LNG A~GRANT IN THE AMOUNT OF <br />$358~000o00 TO THE METROPOLITAN GENERAL HOSPITAL. <br /> <br /> WHEREAS Sub ~ ° <br /> -s~t~on 35 of ~ection 3'77 of The <br />Municipal Act 'being Ro Sg O o 1960~ Chapter 249, and amend- <br />ments thereto authorizes Councils of all municipalities to <br />pass by-laws for granting aid for the erection~ e~stablishment, <br />maintenance or equipment of public hospitals and to issue <br />debentures therefor ~ <br /> <br /> AND WHEREAS it is de~4~'ed ,expedient to grant to <br />Metropolitan General HosPital in the City of Windsor the <br />sum of $358~000o00 in part payment of the cost of the <br />addition to Metropolitan Generai~Hospital in the City of <br />Windsor~ which sum will be payable in ten annual instalments <br />and to issue debentures there.for~ without interest, payable <br />annually in the amounts per annt~m shown in Schedule '~A" <br />attached to this by~iaw~ <br /> <br /> AND WHEREAS it is deemed expedient to make the <br />principal of the said debt repayable in annual instalments <br />during the period of ten tlC) years commencing in the year <br />following the issue o£' such debentureso <br /> <br /> NOW THEREFORE the Council of the Corporation of <br />the County of Essex enacts as follows~ <br /> <br /> lo For the purpose aforesaid the Council of the <br />Corporation of the County of Essex shall grant to Metropoli~ <br />tan General Hospital in the City of Windsor the sum of <br />$358~000o00 and shall issue debentures therefor in the <br />amounts per annom show~ in Schedflie WA'~ attached to this <br />by~law; <br /> <br /> 20 Each debenture shall be payable without interest <br />as set out in the respective years in Schedule ~A" attached <br />to this by~lawo <br /> <br /> 3o The debenvures shall be dated the 1st day of May, <br />,Ao ~o 1969~ and shall be made payable in ten (10) annual <br />instalments on the tStR day of December~ in each of the years <br />a9~O ,ii~,o 1979 bot~, ~ ~':' ~ ~ ~ and the respective amount of <br />principal payable in each of the said 'years shall be the <br />amongst so designa~ed in Schedule ~Aw attached to and forming <br />part of this by~lawo <br /> <br /> 40 The said debentures when issued shall be delivered <br />to Metropolitan General Hospital in the City of Windsor. <br /> <br /> 50 The debentures shall be payable in lawful money <br />of Canada and may be payable at the Canadian Imperial Bank <br />of Commerce~ Corner of Sandwich and Mill Streets, in the <br />City of ~indsor~ or at the priRcipai office of the said bank <br />in the City of Toronto° <br /> <br /> 60 The said debentures shall be sealed with the <br />seal of the Corporation and signed by the Head of the <br />Council or by some other person authorized by by-law to sign <br />the same and by the Treasurer° <br /> <br /> 70 Commencing in the year 19'70 and thereafter in <br />each year in which an instalment of principal of the said <br />de'bt becomes due~ the Corporation shall levy and raise the <br />specific sum shown for the respective year in the third column <br />of the said Schedule WA~o Su~ch sum shall be levied and raised <br />by a special rate sufficient therefor over and above all other <br />rates upon the full value of all the rateable property in the <br />municipality and no fixed ass,~essment or partial or total exemption <br />from assessment or taxation shall apply thereto except as pro~ <br />vided in Section 4 of The Assessment Act o <br /> <br /> <br />