1597
THE CORPORATION OJ}' THE OOUNTY OF ELGIN
BY-lAW NO. 1597
Being a by-law authorizing the borrowing of
::,,800,000.00 u.pon de bent u.res for the purpose
of granting aid for the erection, establiuhment
maintenance or equipment of a public hospitul
to be buiU within the municipality of the County
of Elgin.
WlJERillAS it is expedient to borrow money fOr granting aid f,or
the erection, establishment, maintenance or equipment of a public hospital
within the County of Elgin, a sum not exceeding :»800,000.00 upon the
credit of the Corporat:Lon, to issue debentures therefor bearing interest
at the rate of 4.25 per cent. per anntJJn payable annually, and provide for
the discount and the expenses incidental to negotiat:Lon and sale of such
de be n·tures ;
.
AND WlillRKAS it is expedient to make the princ:Lpal of the said
debentures repayable in annual ins·ta1ments during the period of twenty year
next after the date of issue of such debentures, of such amounts respective
that, with the interest in respect of the debt, the aggregate amount payabl
for principal and interest in each year shall be as nearly as possible the
same; subject to the statutory provisb that each insta~aent of principal
may be for an even ~\100.00, ~þPOO.OO or $1,000,00, or multiple thereof, and,
that notwithstanding aD,ything herein contained, the annualinstalments of
principal and interest may differ in amount sufficiently to admit thereof
AND ~~REAS the last revised and equalized assessment rolls of
the local municipalities of which the County is compos, :ed are as follows
Township of Aldborough ~þ 3,582,373.00
Township of DW1wich 3,553,074.00
Township of Southwold 4,696,6'15.00
Tovmship of Yarmouth 5,723,567.00
Township of Malahide 3,867,501000
Township of Bayham 2,562,855.00
Township of South Dorchester 2,216,482.00
Town of l\;V,,:).mer 2,462,216.00
"
Village of Vienij~ 414,54'7.00
Village of Springf~eld 'ß l85,~03.00
~
J!'orward ~)29, 091,604. 00
Brought forward $ 29,091,604.00
Village of Port Stanley 1,542,402.00
Village of Dutton 500,549000
Village of West Lorne 500,666.00
Village of Rodney 500,049.00
Village of Port Burwell 257,489.00
TOTAL $ 32,392,759.0<?'
AND VITŒREAS there is no existing debenture debt of the
Corporation at the present time:
AND VillEREAS by Order dated the /od day Of{.o~ /!s~
The Ontario Municipal Board has approved the purpose of the said borrowing
and the passing of all requisite by-laws, including debenture by-laws;
THEREFORE, the Council of the Corporation of the County of Elgin
ENACTS AS FOLLOWS:
l. For the purpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $800,000.00 and shall issue
debentures therefor in sums of not less than f$500.00 each. Each
debenture shall bear interest at the rate of 4.25 per centum (4*%) per
annum payable (semi-annually) and shall have coupons attached thereto for
the payment of such interest, or shall make provision for registration as
to prinoipal and interest.
2. All the debentures shall bear the sæne date, shall be issued at
one time and within two years after the day on which this By-Law is passed
may bear any date within such two years, and shall be made payable in annu¡
instalments during the period of twenty years next after the date of issue
·Ghereof, and the respective amounts of principal and interest payable in
each of such years shall b~;þhe amounts so designated in Schedule "A" heret(
annexed. 0
3. The debentures shall be payable as to both, principal and interes'
in lawfull money of Canada and may be made payable at such place or places
in Canada as shall be designated thereon.
4. The said debentures shall be sealed with the Seal of the Corpora
and signed by the head of the COilllCil, or by some other person authorized
by by-law to sign the same, and by the Treasurer. The said interest
coupons shall be signed by the Treasurer and his signature thereon rnay be
written stænped
.h.".,~,"-"..-'·'."·"~'_'_ ",..' ____ H____ -~--~
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Warden ¿
-=æ~a:e.1XC
READ a third time and passed
da2Ih/
~..o... 7"
22nd day
fA
"
Clerk
this
of
Oct 0 bel'
,
1951.
fljTIAD a second time
this 11th day of
September
A,
D.
1951.
READ a first time this llth
day of September
A
D.
1951
subject to its being assented to by 'the Ontario
Municipal,
Board
.
any
9
ffhis by-law
shall take
a,later maturity
1;)
eí'í'e ct
on
the
date of the
passing thereof
such debenture that has'"
date
debenture of this
issue shall be
have the
called for
such redemption
dates
in priority
to
comprise only the debentures that
latest maturity
and
no
the debentures of this issue is
so to be
redeemed
such portion shall
the address shown
in the
Debenture Registry Book.
V~here only a portion of
to each person in whose
name
a debenture
so to be relieemed
is
registered
at
sent by post at
least
thirty days prior to t,he date set for
such
redemption
date fixed for redemption.
Notice of intention so to redeem shall
also be
such notice to be advertised as aforesaid at least thirty days before the
circulation
published in the City of
Toronto,
and once in
a
local newspape
Ontario Gazette and once in a daily newspaper of general provincial
I
previous
notice of said intention to redeem
by
advertising once in the
'l;ogether with interest accrued to the date of redemption and upon giving
expressed to be payable
,
upon payment of the principal
amount thereof
at the places where
and in the moneys in
which the
said debentures are
the saiq debentures either in whole or in part on any date prior to
maturit
.11
8.
'fhe
Corporation
shall have the
right
at its
option
to redeem
such loan
hereby authorized to be
borrowed and may hypothecate such debentures for
such
debentures any
sum
or sums 01'
money not exceeding in all the
sum
and the Treasurer may raise for
the purposes aforesaid by
way of loan on
11
7
Pending
the sale of the said debentUres
the head 01' the Council
registration thereof pursuant to Section
IÎ335 of
Municipal
The
Act
,
6.
The said debentures
may
contain a clause
providing for the
rates
upon all the rateable property
in the
municipality.
and raised
by a special rate sufficient thereför
over and above all other
year
in the fourth column of the said SChedule
.
Such ßlliishall be levied
Corporation
shall levy and raise the specific sum
shown for the respective
an
ins'l;a lment
of principal of the
said de bt and
interest become
due
the
5.
~ithographed 'or engraved.
Commencing in the
year 1952 and thereafter
";"3-'
in each year
in
whic
Year No.
-
1
2.
3
4
5
6
7
8
9
10
11
l2
13
l4
15
16
l7
18
19
20
SCBEDULE 'A" TO BY-LAW NO. l597
OF THE COHPOHA'J'I.9N OJ!" TIill COUN'i'Y OJ!' ELGIN
Principal Interest Total
- -
~~40 , 000 . 00 ~~34, 000 .00 $'74,000.00
40,000.00 32,300.00 72,300.00
40,000.00 30,600.00 '70,600.00
40,000.00 28,900.00 68,900.00
40,000.00 27,200.00 67,200.00
40,000.00 25,500.00 65,500.00
40,000,00 23,800.00 63,800.00
40,000.00 22,lOO.00 62,lOO.00
40,000.00 20,400.00 60,400.00
40,000.00 18,'700,00 58,'700.00
40,000.00 17,000000 57,000.00
40,000.00 15,300.00 55,300.00
40,000.00 l3,600.00 53,600000
40,000.00 11,900.00 51,900.00
40,000.00 lO,200,00 50,200,00
40,000.00 8,500.00 48,500.00
40,000.00 6,800.00 46,800.00
40,000,00 5, lOO. 00 45,100.00
40,000.00 3,400.00 43,400.00
40,000.00 1,700.00 41,700.00
$800. 000.00, $35'7 L9.00.00 ~µ1.15'7 .000.00
,~
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