1127
I,
BY-LAW NO. //.:17
'? To Authorize the Issue of Debentures to Provide
for Cost of Provincial Highways
WHEREAS the Highway Improvement Act proviò.esthat the prop-
ortion of cost of Provinc lal Highways payable by the County
shall be a debt due the Province to be paid within six months
from date of notification,
AND \VHEREAS the County of Elgin was notified about 1st February
1929 that their share of Provincial Highway expenditure for 192E
was $146.069.77 which with six months' interest added amounts
to $149,112.87,
AND ~MEREAS the Council is authorized to issue debentures for
said expenditure in any manner provided by the Municipal Act
wi.thout the assent of the electors or the observance of other
formalities prescribed by the said Act,
AND WHEREAS the sum of $56.768 for Provincial Highway ExpendituI
was included in estimàtes of the present year leaving balance
to be provided for $92,344.87.
AND WHEREAS it is proposed to issue debentures payable in two
years for this amount:
~HE COUliJTY COUNCIL 01' ELGIN ENACTS:
I For the purpdses mentioned in the preamble there shall be
borrowed on the credit of the County the sum of $92.344.87
and debentures shall be issued therefor.
II The debentures which shall bear the same date shall be ~ay-
able within two years from the 1st January 1930 and shall
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bear interest at the rate of six per centum per annum pay-
able yearly in annual instalments and the respective amounts
payable in each of such years shall be as follows:
Year pr incipal Interest Total
1 1931 $ 44827.60 5540.69 $ 503.68.2£
2 1932 47 !'j17 . 27 2851.02 5036.8.2£
III, The debentures which shall be payable at the office of the
County Treasurer shall be signed and issued by the Warden and
sha¡l be signed also by the Treasurer and shall be sealed
wi th the seal of the Corporation.
IV During the currency of the debentures there shall be raised
in each year the amount of the instalmentu of principal and
interest as set forth in Section 2.
Read a third time and passed at Oounty Council Chambers
St. Thomas. the è2í.Æ-Æ day of liovember 1929.
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County Clerk Warden.
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