594
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COUNTY OF ELGIN
By-Law No. 594
TO RAISE THE SUM OF FORTY THOUSAND DOLLARS FOR THE PUR-
POSE OF ERECTING, BUILDING. AND FURNISHING A COURT HOUSE
AND OFFICES TO BE USED IN CONNECTION THEREWITH. AND TO
AUTHORIZE THE ISSUE OF DEBENTURES FOR THE PAYMENT OF THE
SAID SUM AND THE INTEREST THEREON."
WHEREAS the Council of the Municipality of the
County of Elgin has considered it necessary to erect, build
and furnish a Court House and offices to be used in con-
nection therewith upon the land of the said Municipality
within the City of St. Thomas,
AND WrlEREAS it is necessary to raise the sum
of forty thousand dollars to pay for the said Court House
and offices to be used in connection therewith,
AND WHEREAS it is deemed expedient and necessary
to issue debentures to the amount of forty thousand dollars
to provide for the payment thereof and interest thereon,
AND WHEREAS the amount of the whole rateable pro-
perty of the said Municipality according to the last re-
vised and equalized assessment thereof, is fifteen million,
three hundred and two thousand, six hundred and thirty-one
dollars.
AND WHEREAS the amount of the existing debenture
debt of the Municipality now is the sum of nine thousand,
seven hundred and twenty-five dollars and eleven cents, and
no part thereof or of the interest thereon is in arrears,
AND WHEREAS it is desirable and necessary that
the said sum of forty thousand dollars for which debentures
are to be issued under the authority of this By-Law, should
be repaid in twenty years from the day on which this By-Law
shall take effect, together with the interest thereon, at
the rate of three and one half per cent per annum, the same
to be repayable by annual instalments during the twenty years
next ensuing after the day upon which this By-Law shall take
effect,
(Cont'd)
(Cont'd)
3. That the said debentures shall be made pay-
able in twenty yearly instalments from the day hereinafter
mentioned for the By-Law to take effect, such yearly in-
stalments to be of such amounts that the aggregate amount
payable ·for principal and interest in any year in respect
of the debt, shall be equal as nearly as may be to what is
payable for principal and interest during each of the other
years of the said period of twenty years, and the deben-
tures to be issued for the same shall be for the amounts,
and payable at the times corresponding with such yearly in-
stalments together with interest annually as hereinafter
set forth and provided by this By-Law pursuant to Section
386 of the Municipal Act this is to say as follows:
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2. That it shall be lawful for the Warden for
the time being of the said County of Elgin to issue deben-
tures of the said Corporation to the amount of forty thou-
sand dollars in sums not less than one hundred dollars each
but not exceeding in the whole the sum of forty thousand
dollars for the purposes aforesaid, and the said debentures
shall be sealed with the Seal of the said Corporation and
signed by the Warden for the time being of the said Cor-
poration
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1. That it shall be lawful for the Warden for the
time being of the said County of Elgin to raise by way of
loan the said sum of forty thousand dollars upon the secur-
ity of the debentures hereinafter mentioned, from any person
or persons, body or bodies corporate who may be willing to
advance the same upon the credit of the said debentures, the
same to be paid to the Treasurer for the time being of the
said Municipality for the purposes above recited.
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BE IT THEREFORE enacted and it is hereby enacted
by the Municipal Council of the Corporation of the said
County of Elgin
AND WHEREAS it will be necessary in addition to
all other rates and taxes to be levied in each year in the
said Municipality to raise and levy annually by special
rate sufficient therefor on all the rateable property in
the said Municipality the sum of two thousand, eight hundred
and fourteen dollars and forty-four cents, during the said
period of twenty years to pay the several instalments of
principal and interest upon the said sum of forty thousand
dollars as they respectively become due and payable.
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By-Law No
594
Page 2
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(Cont'd)
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7. That for the purpose of paying the said sum of
forty thousand dollars and interest, the said sum of two thou-
sand, eight hundred and fourteen dollars, and forty-four cents
shall be raised and levied annually in each year during the
currency of the said debentures by a special rate sufficient
therefor on all the rateable property in the said Municipality
over and above all other rates and taxes which may be required
to be raised and levied in the said Municipality
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6. That the said debentures as to principal and in-
terest shall be payable at the office of the Treasurer of the
County of Elgin in the said City St. Thomas.
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5. That the said debentures shall have coupons at-
tached thereto for the payment of interest, and such coupons
shall be signed by the Warden and the Treasurer for the time
being of the said Corporation.
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4. That the said debentures shall bear interest at
the rate of three and one half per cent per annum from the day
on which the By~Law shall take effect, and such interest shall
be payable yearly thereafter on the first day of February in
each and every year during the currency of the said debentures
respectively
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1
2
3
4
5
6
7
8
9
10
II
12
13
14
15
16
17
18
19
20
Number of
Debenture
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1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
19l1
1912
1913
1914
1915
1916
1917
1918
1919
Date when
Payable
Principal
$1414.44
1463.95
1515.19
1568.22
1623.ll
1679.91
1738.71
1799.56
1862.55
1927.74
1995.21
2065.04
2137.32
2212.13
2289.55
2369.68
2452.63
2538.47
2627.32
2719.27
Interest
$1400.00
1350.49
1299.25
1246.22
ll91. 33
ll34.53
1075.73
1014.88
951. 89
886.70
819.23
749.40
677.12
602.31
524.89
444.76
361.81
275.97
187.12
95.17
Total
$2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
2814.44
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By-Law No
594
Page 3
By-Law No. 594 Page 4
8. That the said sum of forty thousand dollars
when obtained shall be applied for the purposes above
specified, and according to the true intent and meaning of
this By-Law.
9. That this By-Law shall come into force and
take effect on and after the first day of February, 1899.
Council Chamber
St. Thomas
27th January 1899
K. W. McKay Oscar McKenney
County Clerk Warden
Received and read a first, second and third time and finally
passed 27th January, 1899.
Certified - K. W. McKay County Clerk
I certify that the within instrument is duly
Entered and Registered in the Registry Office for the Coun-
ty of Elgin in Book B for By-Laws at 12:57 o'clock p.m of
the 8th day of February A. D. 1899.
K. Thompson
Dy.
Registrar
Number 229
Fees $2.00
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