1720-67 $358KforMetroGeneral - Laserfiche WebLink

Home Browse Search

THE CORPORATION OF THE COUNTY OF ESSEX DEBENTU~ BY-LAW NUMBER 1720 A By-law Authorizing a Grant in the Amount of $358,000.00 to The Metropolitan General Hospital. WHEREAS Sub-section 35 of Section 377 of The Municipal Act being R. S. O. 1960, Chapter 249, and amend- ments thereto authorizes Councils of all municipalities to pass by-laws for granting aid for the erection, establish- ment, maintenance or equipment of public hospitals and to issue debentures therefor; AND WHEREAS it is deemed expedient to grant to Metropolitan General Hospital in the City of Windsor the sum of $358,000.00 in part payment of the cost of the addition to Metropolitan General Hospital in the City of Windsor, which sum will be payable in ten annual instal- ments and to issue debentures therefor, without interest, payable annually in the amounts per annum shown in Schedule "A" attached to this by-law; AND WHEREAS it is deemed expedient to make the principal of the said debt repayable in annual instal- ments during the period of ten (10) years commencing in the year following the issue of such debentures. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows:- 1. For the purpose aforesaid the CoGncil of the Corporation of the County of Essex shall grant to Metropolitan General Hospital in the City of ~ndsor the sum of $358,000.00 and shall issue debentures therefor in the amounts per annum shown in Schedule "A" attached to this by-law; 2. Each debenture shall be payable without interest as set out in the respective years in Schedule "A" attached to this by-law. 3. The debentures shall be dated the 1st day of December, A. D. 1967, and shall be made payable in ten (10) annual instalments on the 15th day of December in each of the years1968 to 1977 both inclusive, and the respective amount of principal payable in each of the said years shall be the amount so designated in Schedule "A" attached to and forming part of this by-law. 4. The said debentures when issued shall be delivered to Metropolitan General Hospital in the City of Windsor. 5. The debentures shall be payable in lawful money of Canada and may be made payable at the Canadian Imperial Bank of Commerce, Corner of Sandwich and Mill Streets, in the City of Windsor, or at the principal office of the said bank in the City of Toronto. 6. The said debentures shall be sealed with the seal of the Corporation and signed by the Head of the Council or by some other person authorized by by-law to sign the same and by the Treasurer.