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D~ B¥-LA%I ,N~BE~ 1526 <br />OF THE CORPORATION OF T~E COUNTY OF ESSEX <br /> <br />A BY*LAW A~T~0K~NG THE BORROWING OF THE S~ OF $~38, 300. 00 <br />~PON DEBE~Tt~ES TO RAISE Tt~ S~M REQUIRED BY THE ~)RTH ~SEX <br />DIStrICT HIGH SCHOOL BOARD FOR THE P~OSE OF T~ CO~TRUCTION <br />AND ~U~ OF THE NE~ ADDITION TO THE NORTH ESSEX DISTRICT <br /> <br /> WH~qEAS a majority of the municipalities included in <br />the North Essex ~igh School District have requested the Council of The <br />CorI~ration of the County of Essex to raise the sum required for the <br />construction and equipment of the new addition to the North Essex District <br />Nigh School; <br /> <br /> AND ~EKEA~ it is deemed expedient to borrow for the <br />purpose of the construction ~nd equipment of the new addition ~to the North <br />Essex District Nigh School the sum of $~38, 300. 00 u~on the credit of The <br />C~rporation of the County of Essex, and to issue debentures therefor <br />bearing interest payable annually at the rate of five and three-quarters <br />per centum (~-3/4~) per annum as shown in Schedule "A' attached to this <br />by-law amd to provide for the discount and expenses incidental to the <br />negotiation and sale of such debentures; <br /> <br /> AND ~ it is expedient to make the principal of the <br />said debentures repayable in instalments during the period of twenty (20) <br />years next after the date of issue of such debentures. <br /> <br /> NOW THerEFORE THE CO.IL OF THE CORPORATION OF THE <br />COUNTY OF E~SEX ENAC~ AS FOL~0~; <br /> <br />1. That for the purpose of constructing and equipping the <br /> <br />new addition to the North Essex District Nigh School by the North Essex <br />Nigh School District Board The Corporation of the County of Essex shall <br />borrew ut~n the credit of the said Corporation a sum not exeeeding <br />$~38,300.00 and shall issue debentures therefor. <br /> <br />2. That each debenture shall bear interest at the rate set <br /> <br />forth in Schedule 'A" attached to this by-law payable annually and shall <br />have cou~ns attached thereto for the payment of such interest. <br /> <br />3- That the debentures shall be dated the 1st ~ay of May, <br /> <br />A. D. 1964, shall be issued at one time and shall be payable in twenty (20) <br />annual instalments on the 1st day of May in each of the years 1965 to 198~, <br />inclusive, and interest shall be payable on the 1st day of May, A. D. 1965, <br /> <br /> <br />