017
COUNTY OF ELGIN
By-Law No. 17
Av..'r.1iORI~ING T~_MUNICIPAL _COUNCIL OF THE COUNTY OF ELGIN
'ro RAISE 'rJilLSUM_OF FIFTY THOUSAND POUNDS AJ;JD INTEREST PAY-
@);.;E _~J!L'r.rIIlL'r.J:!Ili'r.Y YEARS 'ro BE AEPLIED -I\'L'j:'AKING _ßTOCK IN TlfE
ºONT~MPLATEDJlAILWAY COMPANY TO BE IJ;JCORPORA,!,ED FOR Trill PUR-
POSE _9F CONSTRUCTING A RAILWAY FROM SIMCOE TO ST. THŒ~S AND
i.VlALDEN AND TO ~f\.ISE THE SAME ON THE CREDIT OF THE CONSOLIDA'rED
MUJ;JICIPAL LOAN FUND OF UPPER CANADA.
Passed the 21st March 1854.
WHEREAS by an Act of the Parliament of the Province
of Canada passed in the 16th year of the reign of Her Ma-
jesty Queen Victoria entitled "An Act to establish a Consoli-
dated Municipal Loan Fund for Upper Canada" it is amongst
other things enacted that it shall be lawful for the corpora-
tion 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 in acquiring,
making, constructing or completing or assisting with making,
construction or completion of any Railroad within or without
the Municipality, but the acquisition, making or construction
whereof will benefit the inhabitants of such County.
AND WHEREAS it is contemplated that a Company shall
be incorporated for the purpose of constructing a Railroad
from Simcoe to St. Thomas and Malden and the making, construc-.
tion and completion of the said Railroad will benefit the in-
habitants of the County of Elgin.
AND ItHEREAS the said Municipal Council of the
County of Elgin being desirous of assisting in the making,
construction and completion of the said Railroad have for
that purpose resolved to take stock in the said contemplated
Railroad Company from Simcoe to St. Thomas and Malden to the
amount of Fifty Thousand pounds and to borrow and raise the
same on the credit of the said Consolidated Municipal Loan
Fund.
(Cont'd)
Page 2
17
No
By-Law
AND vlHEREAS the total amount of the valuation of
the rateable property of the said County of Elgin according
to the assessment returns for the same for the year One Thou-
sand Eight Hundred and Fifty-three being the financial year
next preceding the passing of this By-Law was One lVIillion
Two Hundred and Fifteen Thousand Six Hundred an~ forty-five
pounds
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 sinking fund to be applied
to the repayment of such capital for such Loan in conform-
ity with said act will be the sum of four thousand pounds
and a further sum not exceeding the sum of six hundred and
sixty-six pounds thirteen shillings and four pence in any
one year to be so paid annually will be required on account
of the capital of such loan until there shall be sufficient
sum at the credit of the said Municipality to payoff all
the capital of such Loan and interest and a special rate 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 principal in conformity with the said Act
and with this By-Law. And whereas the term for which the
said sum of È 50,000 is required is thirty years from the
date of the first payment on account of the same received
from the Receiver General.
AND WHEREAS this By-Law has been approved of 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
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 Act
and by virtue of the Upper Canada Consolidated 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 Railway Company contemplated to be
incorporated for the purpose of constructing a Railroad
from Simcoe to St. Thomas and Malden to the amount of
Fifty thousand pounds.
AND BE IT FURTHER enacted by the authority afore-
said that the sum so to be invested in stock of said com-
pany shall be raised by the said Council of Elgin on the
credit of the said Consolidated Municipal Loan Fund and
under the provisions of the before mentioned Acts for the
term of thirty years from the date of the first payment
(Cont'd)
Page 3
17
By-Law No
same received from the Receiver General
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,
Towns and Villages respectively for the financiàl year next
preceding that for which the apportionment is to be made.
on account of the
AND BE IT enacted that for the payment of the in-
terest on the said sum of Fifty thousand pounds and for pro-
viding a sinking fund to be applied towards payment of such
farther sum as shall be required on account of the said
principal sum there shall be rated, assessed, levied and
collected a special rate 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 created by such
loan shall be liquidated and from which there shall be ap-
propriated and applied if such be required for the purposes
of this By-Law the sum of four thousand pounds in each and
every year and to provide funds for the said sinking fund
to be applied to the liquidation of such loan as aforesaid
and such other sum or sums not exceeding the sum of one thou-
sand six hundred and sixty-six pounds thirteen shillings and
four pence per annum as may be necessary to pay under the
provisions of the Consolidated Municipal Loan Fund Act and
of this By-Law which said interest and principal sum shall
be duly paid by the Treasurer of the said County of Elgin
in conformity with the provisions of the said Acts of
Parliament.
AND BE IT FURTHER 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 sufficient to pay the said interest
then the same shall be applied in the payment of the capi-
tal of the said Loan
AND BE IT FUR~1ER 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
)
(Cont'd
Page 4
17
By-Law No
empowered to assign and transfer the same to any person
or persons or Body Corporate as the said Council by re-
solution may direct provided the money to be received as
the price 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
if the sum so to be raised on the credit of the said Loan
Fund or any part thereof shall be paid by the Receiver
General in Provincial 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 Twenty-first day
of March One Thousand Eight Hundred and Fifty-four.
'rhomas Locker
Warden
Certified
W. lVIcKay
County Clerk
Read a first time on Tuesday 21st March 1854
Read a second time on Tuesday 21st March 1854.
Certified W. McKay
C./Clerk
Read a third time on Tuesday 21st March 1854.
Certified - W. McKay
C./Clerk
C./Clerk
McKay
w.
Tuesday the 21st March 1854.
Certified
Passed on