016
COUNTY OF ELGIN
16
By-Law No
COUNTY OF ELGIN
"AUTHQRIZINCLTHE MUNICIPAL COUNCIL OF 'rHE
SUM OF TWENTY THOUSAND POUNDS AND INTEREST
TO_RAISE THE
IN TAKING STOCK
PAYABLE WITHIN THIRTY YEARS TO BE APPLIED
COMPANY AND TO RAISE
AND PORT STANLEY RAI~~_Y
TH.E;._LONDON
IN
º-9NSQJ.IDATED lVIUNI9_IPAL LOAN
OF THE
THlLSAME ON-!HE CREDI_T
OF UPPER CANADA,.
FUND
"
Passed 21st March 1854
WHEREAS by án Act of the Parliament of the Province
of Canada passed in the 16th year of the Reign of Her Majesty
Queen Victoria entitled "An Act to establish a consolidated
Municipal Loan Fund for Upper Canada". It is amongst other
things enacted that it shall be lawful for the Corporation of
any County by By-Law to authorize any sum of money to be
raised on the Credit of the said Consolidated Municipal Loan
Fund and to appropriate such sum or so much thereof as may be
found requisite to defray the expense for acquiring, making,
constructing or completing, or assisting in the making, con-
struction or completion of any Railroad within or without the
Municipality but the acquisition, making or construction where-
of will benefit the inhabitants of such County.
AND VffiEREAS a Company has been Incorporated under
the name and style of the "London and Port Stanley Railway
Company"
AND WHEREAS the making, construction and completion
of the said Railroad will benefit the inhabitants of the County
of Elgin and whereas the said Municipal Council of the County
of Elgin being desirous of assisting in the making, construc-
tion and completion of the said Railroad have for that pur-
pose resolved to talce stock in the said London and Port Stanley
Railroad Company to the amount of Twenty Thousand pounds and
to borrow and raise the same on the Credit of the said Consoli-
dated Municipal Loan Fund. And whereas the Total Amount of
the valuation of the rateable property in the said County of
Elgin according to the assessment returns for the same for the
Year One Thousand Eight Hundred and fifty--three being the
financial year next preceding the passing of this By-Law was
One Million Two Hundred and Fifteen Thousand Six Hundred and
forty-five pounds.
(Cont'd)
16
By-Law No
Page 2
AND MiEREAS the term for which the said sum of
Twenty Thousand pounds is required is thirty years from the
date of the first payment on account of the same received
from the Receiver General
AND WHEREAS the sum of money to be paid annually
by the Treasurer for the Municipality of the said County
of Elgin to pay the Interest of the Capital of such Loan
and to form part of the funds of a siru,ing fund to be ap-
plied to the repayment of such Capital for such Loan in
conformity with said act will be the sum of One Thousand
and six hundred pounds
AND A FURTHER sum not exceeding the sum of Two
Hundred and sixty-six pounds thirteen shillings and four
pence in anyone year to be so paid annually will be re-
quired on account of the Capital of such Loan until there
shall be a sufficient sum at the credit of the said Munici-
pality to payoff all the Capital of such Loan and Interest
and a special rate of three eighths of one penny in the
pound on all the rateable property in the said County of
Elgin will be sufficient for the payment of the Interest
and the principal in conformity with the said act and
with this By-Law.
AND WHEREAS this By-Law has been approved by a
Majority of the duly qualified Municipal Electors of the
County of Elgin at general meetings in each Municipality
of the said County respectively and in conformity with the
requirements of the Upper Canada Consolidated Municipal
Loan Fund Act and held at the Town Hall or usual place for
holding the meetings of each Council in each Municipality
respectively on Monday the Sixth day of March A.D. 1854
BE IT THEREFORE enacted by the Municipal Council
of the County of Elgin constituted and assembled under the
authority of the Upper Canada Municipal Corporations Acts
and by virtue of the Upper Canada Consolidated Municipal
Loan Fund Act and it is hereby enacted by the authority of
the same that the said Municipal Council of the County of
Elgin shall take stock in the said London and Port Stanley
Railway Company to the amount of Twenty Thousand pounds.
AND BE IT FURTHER enacted by the authority afore-
said that the sum so to be invested in stock of said Company
shall be raised by the said County of Elgin on the Credit
of the said Consolidated Municipal Loan Fund and under the
provisions of the before mentioned acts for a term of thirty
years from the date of the first payment on account of the
same received from the Receiver General.
(Cont'd)
16
No
By-Law
Page 3
AND BE IT FURTHER enacted that the Principal and
Interest of the aforesaid Loan shall be payable by all the
Townships, Towns and Villages in the said County of Elgin
and the County Treasurer shall in each year apportion the
amount to be paid by each according to the amount of pro-
perty returned upon the Assessment Rolls of such Townships,
TownSand Villages respectively for the financial year next
preceding that for which the apportionment is to be made
AND BE IT FURTHER enacted that for the payment of
the Interest on the said sum of Twenty Thousand pounds and
for providing a sinking fund to be applied towards payment
of such further sum as shall be required on account of the
said principal sum there shall be assessed, levied and col-
lected a special rate of three eighths of one penny in the
pound in each and every year upon all the rateable property
of the said County of Elgin, over and above and in addition
to all other rates and Taxes whatsoever until the Debt cre-
ated by such Loan shall be liquidated and from which there
shall be appropriated and applied, if such be required for
the purposes of this By-I,aw the sum of One Thousand and
six hundred pounds in each and every year and to provide
funds for the said siru,ing fund to be applied to the liqui-
dation of such loan as aforesaid and such other sum or sums
not exceeding the sum of Two hundred and sixty-six pounds,
thirteen shillings and four pence per annum as it may be
necessary to pay under the provisions of the saidConsoli--
dated Municipal Loan Fund Act and of this By-Law which said
interest and principal sum shall be duly paid by the Trea-
surer of the said County of Elgin in conformity with the
provisions of the said acts of Parliament.
AND BE IT FUR'rlŒR enacted by the authority afore-·
said that all sums of money coming to the said Municipal
Council as profits, dividends and returns from the shares
so to be subscribed for shall be applied in payment of the
interest to be paid to the Receiver General according to the
provisions of the before mentioned act and if a greater sum
shall be received by way of profits, dividends and returns
than is sufficent to pay the said Interest, then the same
shall be applied in the payment of the Capital of the said
Loan.
AND BE IT FURTHER enacted by the authority afore-
said that it shall and may be lawful for the said Municipal
Council if they shall see fit to sell and to part with the
said stock so to be taken as aforesaid or any part thereof
and the Warden of the said County is hereby authorized and
empowered to assign and transfer the same to any person or
persons in body corporate as the said Council by Resolution
may direct, provided the money to be received as the price
(Cont'd)
4
16
By-Law No
Page
of any share or shares shall be paid by the Treasurer of
said Municipality to the Receiver General to be placed to
the Credit of the said Council in account with the said
Consolidated Loan Fund, provided always that the sum so to
be raised on the credit of the said loan or any part there-
of shall be paid by the Receiver General in Provisional
Debentures the same shall be taken and accepted by the
Railway Company in payment for the stock to be taken as
aforesaid if the said Council shall be desirous of paying
them to the said Railway Company at the par value of the
said Debentures
AND BE IT enacted that this By-Law shall be in
force and take effect from and after the 21st day of March
A.D. 1854
'rhomas Locker
Warden
Certified
W. McKay
C./Clerk
1854.
McKay C/Clerk
Read a first time on Tuesday the 21st March
Certified - W.
lVlarch 185Lf
-- W. lVIcKay
Read a second time on Tuesday the 21st
Certified
C/Clerk
185Lf.
McKay C/Clerk
Read a third time on Tuesday the 21st March
Certified - W.
McKay C/Clerk
w.
Passed on Tuesday the 21st March 1854.
Certified