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028 COUNTY OF ELGIN 28 By-Law No COUNTY Q!:..ELgIN !rHE '''ro AUTHORIZE 'rHE MUNICIPAL COUNCI~ºF PI\.;£- IN~~EREs'r OF_FIFTI-~HOUSANQ_EOUNDS AND .TO R~ISE_!HE S!IM Il1 IN TAKING STOCK TO BE APPLIED j\BLE_"H'rHIN TJ-iIRTY YEARS THE_AJ!.1!Hl.2.!lêTBURÇLAND..§T. 1'HOI&~..ê._J.'{AILWAY COMPANY AN1L TO _RAISE mE SAME_Qt!._ TH?_9RE121! OF_THE COt!.f?OLIpATED MUNICIEAL LQAN UPEJiR CANApA. .E1J..D"D OF " November 1855 WHEREAS by an act of the Parliament of the Province of Canada passed in the sixteenth year of the Reign of Her Majesty Queen Victoria entitled "An act to establish a Con-- soli dated Municipal Loan Fund for Upper Canada" it is amongst other things enacted that it shall be lawful for the cor- poration 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 assist in making, con- structing or completing any railroad within or without the Municipality, the construction whereof will benefit the in- habitants of such County. Passed 13th AND WHEREAS a company has been incorporated under the style of the Amherstburg and St. Thomas Railway Company and whereas the construction and completion of the Amherst- burg and St. Thomas Railway will greatly benefit the inhabi- tants of the said 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 purpose resolved to take stock in the Amherstburg and St. Thomas Rail- way Company to the amount of Fifty thousand pounds and to borrow and raise the same on the credit of the said Consoli- dated Municipal Loan Fund for the period of Thirty years AND ù~illREAS this By-Law has been approved by a Majority of the duly qualified Municipal Electors of the County of Elgin at general public meetings called for that purpose by public notice put up in more than four different places in each Municipality respectively in the said County and held on Monday the Twenty-ninth da~ of October One thou- sand Eight hundred and fifty-five (Cont'd) 28 By-Law No Page 2 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 authority of the same that the said Municipal Council of the County of Elgin shall take stock in the Amherstburg and St. Thomas Railway Company to the amount of Fifty thousand pounds. AND BE IT FURTHER enacted by the authority afore- said that the sum to be invested in stock of said Company shall be raised on the credit of the 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 on account of the same received from the Receiver General. AND IT IS FURTHER enacted that the sum of Four thousand pounds per annum shall be paid by the Treasurer of the County to the Receiver General half yearly being eight per centum on the amount of the Loan and also such further sum as may be required to be paid on account of the Principal of said Loan not exceeding the sum of Sixteen hundred and sixty-seven pounds in each and every year until the Loan is fully paid up. AND BE IT FURTHER enacted that the principal and interest of the Loan shall be payable by all the Townships, Towns and Villages in the County and the County Treasurer shall in each year apportion the amount to be paid by each Municipality according to the amount of property returned upon the assessment role of such Townships, Towns and Villages respectively for the financial year preceding that in which the apportionment is to be made and in cón- formity with the said Loan Fund Act. AND BE IT FURTHER enacted that all sums of money arising or acruing to the said Municipality as profits, in- terest, dividends or principal from the said Loan of Fifty thousand pounds shall be applied in the payment of the Principal money and the interest on the said Loan to be paid to tne Receiver General by the said Municipality. AND BE IT ENACTED that this By-Law shall be in force and take effect from and after the Thirteenth day of November One thousand Eight hundred and fifty-five. Thos. Locker Warden Passed 13th November 1855 W. McKay Clerk (Cont'd) By-Law No. 28 Page 3 Read a first time 26th September 1855. W. McKay Clerk Read a second time 13th November 1855. W. McKay Clerk Read a third time and finally passed 13th November 1855 W. McKay Clerk