2419
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I THE CORPORATION OF THE COUNTY OF ELGIN
By-Law No. 2419
A By-Law to authorize the issue
of Debentures in the principal
amount of $1,000,000.00
WHEREAS the Council of the. Corporation of the County of
Elgin has undertaken the construction and erection of a Home for
the Aged to be built within the municipality of the County of
Elgin,
AND WHEREAS the Ontario. Municipal Board by its order
,
I dated the 7th day of March, 1975, and entered in Order Book No.
E75-l at Folio 122, on March 17, 1975, and its order dated the
11th day of February, 1976, and entered in Order Book No. E75-6
at Folio 268 on the 19th day of February, 1976, approved the
capital expenditure for undertaking the said work,
AND WHEREAS it is necessary to borrow on the credit of
the Corporation the sum required for the purpose aforesaid,
AND WHEREAS it is desirable to borrow the sum of ONE
MILLION DOLLARS ($1,000,000.00) by the issue of debentures therefor
in one consecutive issue, which is the amount of the debt with
interest thereon, to be created by this By-Law,
THEREFORE The Council of the Corporation.of the County of Elgin
enacts as follows:
1 For. the purpose aforesaid, there shall be borrowed
on the credit of the Corporation at large the sum
I of ONE MILLION DOLLARS ($1,000,000.00), and deben-
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tures shall be issued t~~refor in denominations
of not less than ONE THOUSAND DOLLARS ($1,000) each
bearing interest payable semi-annually as follows
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2.
Debentures maturing 1977 to 1981 inclusive 9~ %
Debentures maturing 1982 to 1986 inclusive 10 %
Debentures. maturing 1987 to 1991 inclusive 10 %
2 The debentures shall all bear the same date and
shall be issued in one series during the year 1976
and bear any date within. the year 1976, and the
interest shall be payable in semi-annual instal-
mentsduring the years 1977 to 1991 inclusive, and
the respective amounts of principal and interest
payable in each year shall be those designated
in Schedule, "A" hereto annexed.
3 The debentures as to both principal and interest
shall be expressed in Canadian currency and may be
payable at any place or places in Canada, asdesig-
nates thereon.
4 The debentures shall be sealed with 'the seal of
the Corporation. and signed by the head of the Coun-
cil or by some other person authorize.d by By-Law
to sign the same and by the treasurer. The sig-
nature of the head of the Council may be .written or
engraved, lithographed, printed or otherwise mechanic-
ally reproduced, and, if such debentures are counter-
signed in writing by the deputy-treasurer, the
signature of the treasurer thereon may be written
or engraved, lithographed., printed or otherwise
mechanically reproduced.
5 The holder of. any Debenture of the denomination
of more than. $1,000 issued under authority of this
By-Law may exchange such. debenture for debentures
,
of the denomination of $i~i'OOO or multiples thereof
upon surrender of such. debenture to the treasurer
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of the corporation.. Debentures issued in substi-
tution for any such debentures surrendered shall
bear the same interest rate and maturity date and
be the same in every respect except. in denominations
to such debentures surrendered. .On1y one such ex-
change shall be permitted with respect to each deben-
ture of the denominations of more than $1,000 issued
hereunder and the cost of such exchange including
printing of the new denomination of debentures shall
be borne by the Corporation.
6. That there shall. be raised in each of the years 1977
to 1991 inclusive the total annual sum of principal
and interest payable in. such years on the said deben-
tures as is set forth in Schedule "A" attached hereto
and that in each such year the said total annual
I sum shall be levied and raised upon and from the
, assessment of real property and. business assessments,
as equalized in the County, and in each. such year
all of the local municipalities in the County of
Elgin shall pay to the County Treasurer, on or before
the due dates, their respective shares of the said
total annual sum for the payments of insta1ments
of the said principal and interest.
7. The debentures may contain any clause providing
for the registration thereof authorized by statute
relating to municipal debentures in. force at the
time of issue thereof.
8; This By-Law shall come into force and take effect
on the day of the final passing thereof
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Read a First and Second.Time this 24th day of
June, ..1976
Read a.Third Time. and Finally passed this 20th
day .of October 1976
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SCHEDULE "A"
I DEBENTURE BY-LAW No. 2419
I
THE C@POI¿¡\TION OF 'rIlE COUNTY OF ELGIN
'DUE DATE Pl~lNCIPAL INTEli:EST TOTAL
May 22, 1977 $ $ 49,575.00 $ 49,575.00
November 22, 1977 76,000.00 49,575.00 125,575.00
May 22, 1978 45,870.00 45,870.00
November 22, 1978 66,000.00 45,870.00 111,870.00
May 22, 1979 42,652.50 42,652.50
November- 22, 1979 66,000.00 42,652.50 108,652.50
May 22, 1980 39,435.00 39,435.00
November 22, 1980 66,000.00 39,435.00 105,435.00
May 22, 1981 36,217.50 36,217.50
November 22, 1981 66,000.00 36,217.50 102,217.50
May 22, 1982 33,000.00 33,000.00
November 22, 1982 66,000.00 33,000.00 99,000.00
May 22, 1983 29,700.00 29,700.00
November- 22, 1983 66,000.00 29,700.00 95,700.00
May 22, 1984 26,400.00 26,400.00
November 22, 1984 66,000.00 26,400.00 92,400.00
May 22, 19(35 23,100.00 23,100.00
November 22, 1985 66,000.00 23,100.00 (39,100.00
May 22, 1986 19,800.00 19,800.00
November- 22, 1986 66,000.00 19,(300.00 85,800.00
Mé1Y 22, 1987 16,500.00 16,500.00
November 22, 19(37 66,000.00 16,500.00 82,500.00
May 22, 1988 13,200.00 13,200.00
November- 22, 1988 66,000.00 13,200.00 79,200.00
May 22, 1989 9,900.00 9,900.00
November 22, 1989 66,000.00 9,900.00 75,900.00
May 22, 1990 6,600.00 6,600.00
Noverr~er 22, 1990 66,000.00 6,600.00 72,600.00
lWay 22, 1991 3,300.00 3,300.00
Noverr~er 22 1991 66,000.OQ _.1-1. 300. OQ 69,300.00
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TOTAL $1,000,000.00 . $790,500.00 $1,790,500.00