026
COUNTY OF ELGIN
By-Law No.. 26
TO RAISE BY WAY OF LOAN THE SUM OF SIX THOUSAND POUNDS
AND INTEREST PAYABLE WITHIN SIX YEARS FOR THE PURPOSE OF
PAYING THREE THOUSAND POUNDS, THE BALANCE OF DEBT DUE BY
THE COUNTY OF ELGIN TO THE COUNTY OF MIDDLESEX AND ALSO
TO PROVIDE THE SUM OF THREE THOUSAND POUNDS FOR IMPROVEMENTS
ON THE PORT STANLEY GRAVEL ROAD IN THE COUNTY OF ELGIN."
Passed 24th September 1855.
WHEREAS the amount of three thousand being still
due by the County of Elgin to the County of Middlesex as
part of the debt due at separation it is desirable that the
sum of three thousand pounds should be raised by way of
Loan to pay said balance of debt due to the County of Middle-
sex and also that the sum of three thousand pounds should be
raised for the purpose of improving the Port Stanley Gravel
Road.
AND WHEREAS it will require the sum of thirteen
hundred and sixty pounds to be raised annually as a special
rate for the payment of said Loan and the interest thereof
as the same shall become payable according to this By-Law.
AND WHEREAS the amount of the whole rateable pro-
perty in the County of Elgin according to the assessment re-
turns for the same for the year 1854 was one million four
hundred and ninety-four thousand and thirty-six pounds and
it will require the;. annual rate of one. fourth of a penny in
the pound upon such rateable property as a special rate for
the payment of said interest and for the creation of a sink-
ing fund for the equal annual payment of the principal of
such Loan according to the requirements of the Upper Canada
Municipal Corporation Acts of 1849 and 1851.
BE IT THEREFORE enacted by the MQnicipal Council
of the County of Elgin under the authority aforesaid.
First - That it shall and may be lawful for the
Warden of the County of Elgin to raise by way of Loan from
any person or persons body corporate or politic who may be
willing to advance the same upon the credit of the Debentures
hereinafter mentioned a sum of money not exceeding in the whole
the sum of six thousand pounds and to cause the same to be paid
(cont'd)
26
By-Law No
Page 2
hands of the Treasurer of said County
Second - That it shall be lawful for the Warden
to cause any number of Debentures to be made out in sums
not less than Twenty-five pounds each and not exceeding in
the whole the sum of Six thousand pounds and that the same
shall be under the Common Seal of the said County of Elgin
signed by the Warden and countersigned by the Treasurer and
made payable within six years -- from the time that this By-
Law shall come into operation at the County Treasurers Office
or such other place as the Warden shall think fit
into the
Third - That the said Debenture shall bear interest
at the rate of six percent per annum from the date thereof
which shall be payable on the 30th day of June and 31st day
of December in each year at the office of the County Trea-
surer or such other place as the Warden shall think fit
Fourth - That a special rate or one fourth of a
penny in the pound shall be raised, levied and collected
over and above all other rates whatsoever upon all the rate-
able property in said County for the purpose of paying the
said sum of Six :thousand pounds with the interest thereon
and the proceeds of such special rate to be so levied and
collected shall be applied solely to the payment of such
Debentures and the interest thereof until the same shall
be fully paid and discharged.
Fifth - That the said sum of Six thousand pounds
when paid into the hands of the County Treasurer shall be
applied for the purposes set forth in the preamble to this
By-Law and for no other
Sixth - That this By-Law shall take effect and
come into operation upon the 24th day of September A D.
1855.
Thos. Locker
Warden
Pas.sed Council 24th September 1855
W. McKay
Clerk
Read a first time 15th June 1855
Certified
Clerk
McKay
Read a second time 24th September 1855.
Certified W. McKay
w.
Clerk
24th September 1855
McKay Clerk
Read a third time and finally passed
Certified - W