1842
DEBENTURE BY-LAvv NO 1842
THE CORPORATION OF THE COUNTY OF ELGIN
Being a By-Law to provide for the borrowing of $320,000.00
upon debentures for the purpose of erecting a Home for the Aged to be
built within the municipality of the County of Elgin.
WHEREAS it is expedient to borrow money for the erection 6£
a County Home for the Aged in Elgin County, a sum not exceeding
$320,000.00 upon the credit of the Corporation, to issue debentures
therefor bearing interest at the rate of 5.50 per cent per annum,
payable annually, and provide for the discount and expenses incidental
to negotiation and sale of such debentures;
AND WHEREAS it is expedient to make the principal of the
said debentures repayable in annual instalments during the period of
twenty years next after the date of issue of such debentures, of
such amounts respectively that, with the interest in respect of the
debt, the aggregate amount payable for principal and interest in each
year shall be as nearly as possible the same;
AND 'I'I1'HEREAS the last revised and equalized assessment rolls
of the local municipalities of which the County is composed are as
follows:
Town of Aylmer $7,574,200.
Village of Belmont 720,300.
Village of Dutton 894,196.
Village of Port Burwell 829,500.
Village of Port Stanley 3,053,781.
Village of Rodney 1,101,720.
Village of Springfield 361,204.
Village of Vienna 371,250.
Willage of West Lorne 1,195,365.
Township of Aldborough 5,046,692.
Township of Bayham 5,369,726.
Township of South Dorchester 1,976,305.
Township of Dmnwich 4,000,696.
Township of Malahide 7,049,700.
Township of Southwo¡d 6,249,852.
Townsþip of Yarmouth 8.489.575.
\0 $54,284,062.
THEREFORE, the Council of the Corporation of the County of
Elgin ENACTS AS FOLLOWS:
1. For the purpose aforesaid the Corporation shall borrow upon the
credit of the Corporation a sum not exceeding $320,000.00 and shall
issue debentures therefor in sums of not less than $500.00 each.
Each debenture shall bear interest at the rate of 5.50 per centum
(5i%) per annum payable annually and shall have coupons attached
thereto for the payment of such interest
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2. All the debentures shall bear a date in 1963 and shall be
issued at one time and within the year 1963 after the day on which
this By-Law is passed, and shall be made payable in annual instal-
ments dU1'ing the period of twenty yearsnext after the date of issue
the1'eof, and the respective amounts of principal and interest payable
in each of such years shall be the amounts so designated in Schedule
JIAII hereto annexed.
3. The debentures shall be payable as to both p1'incipal and
interest in lawful money of Canada and may be made payable at such
place 01' places in Canada as shall be designated thereon.
4. The debentures shall be sealed with the seal of the Corporation
and signed by the head of the councilor by some other person author-
ized by by-law to sign the same and by the treasurer. The said
interest coupons shall be signed by the treasurer and his signature
to them may be written or engraved, lithographed, printed or otherwise
mechanically reproduced. The signature of the head of the council
may be written or engraved, lithographed, printed or otherwise
mechanically reproduced and, if such debentures are countersigned in
writing by the deputy treasurer, the signature of the treasurer
thereon may be written or engraved, lithographed, printed or other-
wise mechanically reproduced.
5. Commencing in the year 1964 and thereafter in each year in
which an instalment of principal of the said debt and interest become
due, the Corporation shall levy and raise the specific sum shown for
the respective year in the fifth" column of the said Schedule. Such
sum shall be levied and raised by a special rate sufficient therefor,
over and above all other rates, upon all ,the rateable property in
the municipality>
6. The said debentures may contain a clause providing for the
registration thereof to Section No. 323 of The Municipal Act.
7. Pending the sale of the said debentures, the head of the Council
and the Treasurer may raise for the purposes aforesaid by way of loan
on such debentures any sum or sums of money not exceeding in all the
sum hereby authorized to be borrowed and may hypothecate such
debentures for such loan.
8. The Corporation shall have the right, at its option, to redeem
such of the said debentures whi~h'fall due in the year 1983 in whole
or in part on any date prior to maturity at the Bank of Montreal,
(Main Branch), City of St. Thomasp ~n the County of Elgin, or at the
Main Branch of the Bank of Montreal in the City of Toronto, Ontario,
" Or at the Main Branch .of the Bank of ~iontreal in the City of ~iontreal,
Quebec, 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 circulation
published in the City of Toronto, and once in a local newspaper,
such notice to be advertised as aforesaid at least thirty days before
the date fixed for redemption. Notice of intention so to redeem shall
also be sent by post at least thirty days prior to the date set for
such redemption to each person in whose name a debenture so to be
redeemed is registered at the address shown in the debenture registry
book.
READ a first time this 17th day of September, 1963.
READ a second time this 17th day of September, 1963.
READ a third time, and finally passed this 24th day
of October, 1963.
H~ YL. ~ I~
- Cl:::;- 1varden
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.,
~k
1983
1979
1980
1981
1982
1977
1978
1975
1976
1974
1973
1972
1971
1970
1969
1967
1968
1964
1965
1966
Year
.sCHEDULE "A" TO BY-LAW NO 1842
OF THE CORPORATION OF THE;COUNTY OF ELGIN
No. Principal Interest
1 $16,000.00 $171,600.00
2 16,000.00 16,720.00
3 16,000.00 15,840.00
4 16,000.00 14,960.00
5 16,000.00 14,080.00
6 16,000.00 13,200.00
7 16,000.00 12,32O.Op
,
8 16,000.00 11,440.00
9 16,000.00 10,560.00
10 16,000.00 9,680.00
11 16,000.00 8,800.00
12 16,000.00 7,920.00
13 16,000.00 7,040.00
14 16,000.00 6,160.00
15 16,000.00 5,280.00
16 16,000.0,0 4,400.00
17 16,000.00 3,520.00
18 16,000.00 2,~40,OO
19 16,000.00 1,760.00
20 16.000.00 880.00
$320,000.00 $184,800.00
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Tota),
$33,600.00
32,720.00
31,840.00
30,960.00
30,080.00
29,200.00
28,320.00
27,440.00
26,560.00
25,680,00
24,800.00
23,920.00
23,040.00
22,160.00
21,280.00
20,400.00
19,520.00
18,640.00
17,760.00
16.880.00
$504,800.00
frHl:i~ BOlâi.D OHDßR;,), under and j~n pursuance of
th<J legislation hereinbefore " ferre<Ì to Dnd of Dny
and all other powers vested in the Boe,rd, that the
fJa:Ld By-law 1842 be and the SEmie is hereby approved.
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sEèHl~lrARY
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THUHß!JAY
the 28th day of
November. 1963
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IN TBJ,D MNrTER OF f111 applicat.ion
by tho Corporation of the County
of Blgin for approval of By-law
1$lt2, passed the 24th day of
October, 1963, providing for the
:LBsue of debentures in the emot\nt
of .:!;320, 000 for the cOMtruct:Lon
of a Home for tho Ag(~d '
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¡'¡unic:LJ2f)_.JJol:ird Act
, C. 2'71.1,),
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