Being a By-Law to provide for the borrowing of the sum of $65,000.00, and to provide for the issue of Debentures of the Town of North Bay for the said sum, being the amount required by the Collegiate Institute Board for the Town of North Bay, for the erection of an additions to the Collegiate Institute Building in the said Town, and which said sum is the amount of the debit intended to be created, by this By-Law.