2037
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DEBENTURE BY-LAW NO. 2037
THE CORPORATION OF THE COUNTY OF ELGIN
Being a By-Law to provide for the borrowing of $300,000.00 upon
debentures for the purpose of erecting an addition to the Elgin County
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 of
an addition to the County Home for the Aged in Elgin County, a sum not
exceeding $300,000.00 upon the credit of the Corporation, to issue
debentures therefor bearing interest at the rate of 7.50 per cent per
annum, payable annually and provide for the discount and expenses
incidental to negotiation and sale of such debentures;
AND '~EREAS it is expedient to make the principal of the said
debenture repayable in annual instalments during the period of ten years
next after the date of issue of such debentures, of such amoun-I;s
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;
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 $300,000.00 and shall issue
debentures therefor in sums of not less than $500.00 each. Each debenture
shall bear interest at the rate of 7.50 per centum (7!%) per annum payable
annually and shall have coupons at-I;ached thereto for the payment of such
in'l;erest.
2. All the debentures shall bear a date in 1968 and shall be
issued at one time and within the year 1968 after the day ,on which this
By-Law is passed, and shall be made payable in annual instalments during
the period of ten years next after the date of issue thereof, and the
respective amounts of principal and interest payable in each of such years
shall be the amounts so designated in Schedule "A" hereto annexed.
3. The debentures shall be payable as to both principal and interest
in la\~ful money of Canada and may be made payable at such place or 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 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 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 otherwise mechanically reproduced.
5. Commencing in the year 1969 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 fer 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.
READ a first time this 20th day of August, 1968.
READ a second time this 20th day of August, 1968.
READ a third time, and finally passed this 16th day
of October, 1968.
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se RED ULE An TO BY-LAW NO 2037
OF TIill CORPORATION OF THE COUNTY OF ELGIN
y~~ Year No Principal Interest
1969 1 $30,000.00 $22,500.00
1970 2 30,000.00 20,250.00
1971 3 30,000.00 18,000.00
1972 4 30,000.00 15,750.00
1973 5 30,000.00 13,500.00
1974 6 30,000.00 11,250.00
1975 7 30,000.00 9,000.00
1976 8 30,000.00 6,750..00
1977 9 30,000.00 4,500.00
1978 10 30,000.00 ~50.00
$300,000.00 $123,750.00
Total
$52,500.00
50,250.00
48,000.00
45,750.00
43,500.00
41,250.00
39,000.00
36,750.00
34,500.00
32.250.00
$423,750.00
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Township of
Aldborough
5,
316,790.
00
Village of
West
Lorne
1
333,862.00
Village of Vie=a
365,670.
00
Village of Springfield
390.090.00
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Village of Rodney
1
240.244
00
Village of Port Stanley
3.251,
49~.
00
Village of Port
Village of
Dutton
Burwell
1
848,908.
850,360.
026.229
00
00
00
.
Village of Belmont
Town of Aylm.er
$ 8,292,611.
00
local
AND WHEREAS the last revised and equalized assessm.ent rolls of
m.unicipalities of
which the County
is com.posed are as follows
the
and
interest in each year shall be as
nearly as possible the sam.e
interest in respect of the debt,
the aggregate am.ount payable for principal
date of issue of such debentures
of such am.ounts respectively that,
with the
repayable
AND WHEREAS
in annual instalm.ents during the period of ten years next after the
it is expedient to
m.ake the principal of the said debenture
such debentures
provide for the discount and expenses
incidental to negotiation and sale of
bearing interest at the rate of 7.
50 per cent per a=um.,
payable annually and
$300,
000.
00 upon the credit of
the Corporation
to
issue debentures
therefor
to
the County Hom.e for the
it is expedient to borrow m.oney for the erection of an addition
Aged
in Elgin County, a sum. not exceeding
WHEREAS
for the
Aged to be built
within the
m.unicipality of the
County of Elgin.
debentures for the purpose of erecting an addition to the
Being a By~ Law
to provid<! for the borrowing of $300,
Elgin County Hom.e
000.00 'upon
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THE CORPORATION OF THE COUNTY OF ELGIN
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DEBENTURE BY-LAW No.
2037
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Township of Bayham $ 5,935,320.00
Township of South Dorchester 2,026,022.00
Township of Dunwich 4,354,055.00
Township of Malahide 7,961,,280.00
Township of Southwold 15,226,447.00
Township of Yarmouth 9,706,915.00
,-,:c ._.,.¿?::~ $68,126,294.00.
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 ,$300,000.00 and shall issue debentures
therefor in sums of not less than $500.00 each. Each debenture shall bear
interest at the rate of 7.50 per centum (7 1/2%) per annum payable annually
and shall have coupons attached thereto for the payment of such interest.
2. All the debentures shall bear a date in 1968 and shall be
issued at one time and within the year 1968 after the day on which this By~Law
is passed, and shall be made payable in annual installments during the
period of ten years next after the date of issue thereof, and the respective
amounts of principal and intere st payable in each of such years shall be the
amounts so designated in Schedule flAil hereto annexed.
3. The debentures shall be payable as to both principal and interest in
lawful money of Canada and may be made payable at such place or 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 council 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 to them maybe written or en~
graved, lithographed, printed or otherwise mechanically reproduced. The
signature of the head of the council may be written or engraved, lithographed
printed or otherwise m.echanically reproduced and, if such debentures are
countersigned in writing by the deputy treasurer, the signature of the
treasurer thereon m.ay be written or engraved, lithographed, printed or
otherwise m.e chanically reproduced.
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5. Corntnencing in the year 1969 and thereafter in each year in which an
installm.ent of principal of the said debt and interest becom.e due, the Corpor~
ation 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 m.unicipality.
6. The said debentures m.ay 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
Treasurerm.ay raise for the purposes aforesaid byway of loan on suchde~
bentures any sum. or sums of m.oney not exceeding in all the sum. hereby
authorized to be borrowed and m.ay hypothecate such debentures for such loan.
READ a first tim.e this 20th day of August 1968
READ a second tim.e this 20th day of August 1968
READ a third time and finally passed this day of
1968
Clerk Warden
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G 3531-67
ONTARIO
-
ONTARIO MUNICIPAL BOARD
IN THE MATTßR OF Section 58 ot
The Onta,rio Muniei 13,1 Board Act,
R.5.0. 1.9 , c. 274)
- a.nd -
IN 'faa: !1ATTEt1 OF an application
by The Corporation of the County
of E1.¡¡;in fo:l;' apprQv¡;¡J. of By..law
2037, passed on the 16th de-y of
Ootober, 1.96$, providing for the
issue of debentu:ree in the amount
Òf $300,000.00 for the purpose
set forth therein
BEFOl'l.E:
Ii. E. ROBERTS, )
Vice..Chai1'l1lll.n )
) Wednesday, the 20th day of
-and- )
) NOVEMBER, 1968
D. S. COLBOURNE:, )
Member )
'fHE BOARD ORDEIiS, under and in pursuance of the legislation
hereinbefore referred to, and of any and all other powers vested
in the Board, that the l3a.id By-law 2037 be and the same is hereby
a.pproved.
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ACTING SJWnrff ARY
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ENTERED
O. B.No. ,,1.12.0.290......."
Folio No. ..............""............"
NOV 2'5 1968
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second reading, we will
validation of the .order and
As discu.ssed, 1 am enc:losing herewith 4 copies(of
proposed By-Law with Schedule attached thereto. Because of thè short
time available, 1 am unable t¢ obtain the approval of The Ontari.o Munici-
paJBoard as to the form. of the By-Lawprior to County Council meeting
next week. However 1 would feel that there would be no oÞjection to the
form.,
Dear Sir
EOWARD O. FANJOY, H.$a.,B.Ç.L.
MURRAY J. HENNESSË'i',e.A.,a.'c.L
~ R ~~' ~.:K Et:1~ ST E: R ,8~ A.}B. ç, L.
WILl;IAMW',JOHNSON, a,A.,l.L.ß.
DÖÙ,GLASG,GUNN, l.L.B.
458 TALBOT $TREE':T
ST. THOMA.S
oNtARIO
PLEASE RE<"ER TO OUR flU::
"ELEPHONE C-J
P. O. BOX 459
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,JOY
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BARR
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RECEIVED ¡:CV 2 7 \968
FANJOY,HENNESSEY,KEMPSTER.JOHNSON & GUNN
BARRISTERS & SOLICITORS
458 TALBOT STREET
EDWARD O. FANJOY, B.Sc.,S.C.L. ST. THOMA.S TELEPHONE 631-0700
MURRAY J. HENNESSEY, B.A.,a.C.L. ONTARIO
BRIAN W. KEMPSTER, B.A.,B.C.L. P. O. BOX 459
WILLIAM W. JOHNSON, B.A.,LL.B.
DOUGLAS G.GUNN, LL.B,
PLEASE REFER TO OUR FILE ....
November 26, 1968
Mr. Harley L. Johnson,
Clerk- Treasurer,
County of Elgin,
Court House,
Wellington St. ,
St. Thomas, Ontario.
Re: County of Elgin By-law No, 2037
Dear Sir:
I enclose herewith Order of the Ontario Municipal Board
dated November 20, 1968 approving By~law No. 2037. 1 shãl send my
filing report at a later date.
I also enclose Invoice of The Ontario Municipal Board for
$175.00 which I would ask you to pay directly.
Yours very truly
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E., O. Fanjoy.
Encl: 2
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Yours very
truly
I would hope that Council could cornplete
soon as possible and on the 31st day thereafter have
sworn and return to rne. At that tirne 1 will
cipal Board for its approval under Section
Act.
forward
58 of The
the third reading as
the enclosed Declaratión
Ontario Muni-
Board
it to the
Ontario
Municipal
1 have given considerable thought to the proper procedure and
have corne to the following conclusion. Sirnply have the third reading of the
By-law cornpleted without the recital and 1 would suggest that you leave the
original number and when the By-law is finally passed it will be exactly the
sarne as the original two readings with the exception of this recital. I arn
of the opinion that this procedure is satisfactory since legally the By-law
has no legality until it is read for the third tirne. In effect, it does not exist
and since the By-law as finally read would be the sarne as when originally
read twice (with the exception of the recital) this procedure is satisfactory
forrn of the
assessrnent
As discussed, the Ontario
By-law subject to the 3rd recital
rolls being deleted.
Municipal Board has approved
with respect to equalized
the
Dear Sir
Re
Mr
Clerk- Treasurer
County of Elgin,
Court House,
St. Thornas, Ontario.
Addi tion
to the
El
Horne for the
A
ed
Harley Johnson
October 4
1968
EOWARD o. FANJ'OY, B.Sc.,B,C.L.
MURRAY J. HENNESSEY, B.A.,B.C.L.
BRIAN W. KEMPSTER, B.A.,B.C.L.
WILLIAM W. JOHNSON, B.A"LL.B.
DOUGLAS G.GUNN, LL,B.
458 TALBOT STREET
ST. THOMAS
ONTARIO
PLEASE REFER TO OUR FILii:
TELEPHONE 631-0700
P. Q. BOX 459
15977
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FANJOY.HENNESSEY,KEMPSTER,JOHNSON & OUNN
BARRISTERS & SOLICITORS