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THE CORPORATION OF THE COUNTY OF ESSEX <br /> <br />BY-LAW NO. 3086 <br /> <br />A BY-LAW TO AMEND BY-LAW #3076 PASSED ON JULY 21, 1993. <br /> <br />WHEREAS by Byqaw #3076 the Council of the Corporation of the County of <br />Essex authorized the borrowing of $6,000,000 upon debentures towards the <br />financing of the cost of the redevelopment of the Sun Parlor Home for Senior <br />Citizens entailing new construction and renovations in the Town of Leamington; <br /> <br />NOW THEREFORE the Council of the Corporation of the County of Essex enacts <br />as follows: <br /> <br />THAT By-law #3076 of the Corporation of the County of Essex, passed on <br />July 21, 1993, be amended by deleting paragraph 2 on page 2 and replacing <br />the paragraph with the following words: <br /> <br />"2. <br /> <br />The debentures shall be dated the 29th day of July, 1993, and shall <br />be payable in annual instalments of principal on the 29th day of <br />July in each of the years 1994 to 2003, both inclusive. The <br />debentures maturing in the year 1994 shall bear interest at the rate <br />of five and one-half percent (5 ~%) per annum, the debentures <br />maturing in the year 1995 shall bear interest at the rate of six and <br />one-half percent(6 ~A%) per annum, the debentures maturing in the <br />year 1996 shall bear interest at the rate of six and three-quarters <br />percent (6 M%) per annum, the debentures maturing in the year <br />I997 shall bear interest at the rate of seven and one-quarter percent <br />(7 ~A%) per annum, the debentures maturing in the year 1998 shall <br />bear interest at the rate of seven and one-half percent (7 !6%) per <br />annum, the debentures maturing in the year 1999 shall bear interest <br />at the rate of seven and three quarters percent (7 aA%) per annum, <br />the debentures maturing in the year 2000 shall bear interest at the <br />rate of eight percent (8%) per annum, and the debentures maturing <br />in each of the years 2001, 2002 and 2003 shall bear interest at the <br />rate of eight and one-quarter percent (8 'A%) per annum. Interest <br />shall be payable semi-annually on the 29th day of January and the <br />29th day of July in each year during the currency of the debentures. <br />The respective amounts of principal and interest payable in each of <br />such years shall be as set forth in Schedule "A" hereto annexed and <br />forming part of this by-law." <br /> <br />This By-law shall come into force and take effect on the <br />day of August, 1993. <br /> <br />18th <br /> <br /> <br />