1598
OF ELGIN
BY-LAW NO. l598
Being a By-law to amend By-law No l597, entitled
"being a by-law aU'Ghorizing the borrowing of
$800,000.00 upon debentures for the purpose of
granting aid for the erection, establishment,
maintenance or èquipment of a public hospital to
be built within the municipality of the County of
Elgin and to be known as the st. Thomas Elgin
General Hospital."
MIEREAS it is deemed advisable to amend By-law No. l597 in certain respect
AND WHEREAS it is now deemed to be expedient to make the principal on
said debentures repayable in equal annual insta~nents during the period of
twenty years next after the date of issue of such debentures, and that the
rate of interest shall be Three and three-quarters per cent. (3*%) per annum
on the debentures falling due in the years 1952 to 1961 inclusive, and Four
per cent. (4%) per annum on the debentures falling due in tIN years 1952 to
19?1 inclusive, and that the debentures shall be issued in even ~~l,OOO. 00 or
multiples thereof:
TIlER.ŒFORE, 'rIlE COUNCIL OF THE CORPOHA'rION 0]' 'rIlE COUNTY 0]' J~LGIN ENACTS
AS ]'OLLOWS:
The following sentence in Clause 1. of By-law No. l597 shall be deleted.,
name ly:
"Each de benture 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 principal and interest."
and in lieu thereof the following is enacted:
Each debenture becoming due in the years 1952 to 1961 inclusive
shall bear interest at the rate of 3.75 per centum (3i%) per annum payable
annually, and each de benture becoming due in the years 1962 to 1971 inclusive
'''I{
shall bear inteJ;'est at the rate"of 4 per centum (490) per annUlIl payable annualJ
tJ
and all debentures shall have coupons attached thereto fOr the payment of sucl
"
interest
-2-
The £ollowing sentence in Clause 8, of By-law No l597 ßhall be deleted
name ly:
"The Corporation shall have the right, at its option, to redeem the
said debentures either in whole or in part on any date prior to
maturity at the places where and in the manner in which the said
debentures are expressed to be payable, upon payment of the principal
amount thereof together with interest accrued to the date of redemption
and upon giving previous notice of said intention to redeem by advertisin
once in the Ontario Gazet'l;e and once in a daily newspaper of general
provincial circulation, published in the City of Toronto, and once in a
local newspaper, such notice to be advertised as aforesaid at least thirt
days before the date fixed for redemption."
and in lieu thereof the following is enacted~
The Corporation shall have the right, at its option, to redeem such
of the said debentures which fall due in the year 1971 in whole or in part on
any date prior to maturity at the places where and in the manner in whic11 the
said debentures are expressed '1;0 be payable, upon payment of' the principal
amount thereof together with interest accrued to the date of redemption, and
upon giving previouS notice of said intention to redeem by advertising once in
the Ontario Gazette and once in a daily newspaper of general provincial
circulati on, published in the City of Toronto, and once in a loca'l newspaper,
such notice to be advertised as aforesaid at least thirty days before the date
fixed for, redemptiono
Schedule "A" as contained in said By-law No. 1597 is deleted, and Shedn]
"A" as attached hereto is enacted in lieu thereof.
READ a first time this 22nd day'of October, A. D. 1951.
READ a second time this 22nd day of October, A. D. 1951.
READ a third time and passed this 22nd day of October A. D l~
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024 W 1···4.~
"
Clerk
,
.to-
,
I;
ßClillDUIE "A" TO BY-LAW NO. 1598
Debentures maturing 1952 to 1961 @3¿¡'% ,p400, 000.00
Debentures maturing 1962 to 1971 @ 4% ~i~400, 000. 00
PRINCIPAL INTßREST TO'rAL
1952 :~ 40, 000 . 00 3l,OOO.00 71,000.00
1953 40,000.00 29,500.00 69,500.00
1954 40,000.00 28,000.00 68,000.00
1955 40,000.00 26,500.00 66,500.00
1956 40,000.00 25,000.00 65,000.00
1957 40,000.00 23,500.00 63,500.00
1958 40,000.00 22,000.00 62,000.00
1959 40,000.00 20,500.00 60,500.00
1960 40,000.00 19;000.00 59,000.00
1961 40,000.00 l7,500.00 57,500.00
1962 40,000.00 16,000.00 56,000.00
1963 40,000.00 14,400.00 54,400.00
1964 40,000.00 l2,800.00 52,800.00
1965 40,000.00 11,200.00 51,200.00
1966 40,000.00 9,600.00 49,600.00
1967 40,000.00 8,000.00 48,000.00
1968 40,000.00 6,400.00 46,400.00
1969 40,000.00 L1,800.00 44,800.00
1970 40,000.00 3,200.00 43,200.00
1971 j,0,000.0q, 1,600.00 41,600.00
~~§OO J 000.00 $330.500.00$1.130,500.00
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