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BY--LAW NUMBER 2358 <br /> ; <br /> i <br /> j A BY-LAW TO AUTHORIZE THE BORROWING OF $3,000,000.00 TO MEET j <br /> !!I THE CURRENT EXPENDITURES OF THE SUN PARLOR HOME FOR SENIOR <br /> 3 CITIZENS FOR THE YEAR 1980. <br /> WHEREAS the Council of the Corporation of the County of Essex <br /> �i (hereinafter called the "Municipality") deems it necessary to borrow the <br /> sum of $3,000,001.00 to meet, until the taxes are collected, the current <br /> expenditures of the Municipality for the year; ij <br /> I AND WHEREAS the total amounts heretofore borrowed for the <br /> purposes mentioned in subsection (1) of Section 332 of The Municipal <br /> Act which have not been repaid is nil. 1' <br /> THEREFORE the Council of the Corporation of the County of <br /> . I Essex hereby enacts as follows: <br /> h� 1. The Head and the Treasurer are hereby authorized on behalf <br /> f of the Municipality to borrow from time to time by way of promissory note <br /> !I from the Bank of Montreal, a sum or sums not exceeding the aggregati �ff <br /> � I the municipality for the year, including the amounts required for the f <br /> purposes mentioned in subsection (1) of Section 332, of The Municipal Act, jl <br /> and to give on behalf of the Municipality to the Bank a promissory note or <br /> notes sealed with the Corporate Seal and signed by the Head and Treasurer <br /> for the moneys so borrowed, with interest at such rate as may be agreed <br /> upon from time to time with the Bank. �If <br /> �I 2. All sums borrowed pursuant to the authority of this by-law, <br /> as well as all other sums borrowed in this year and in previous years {'M <br /> i� from the said Bank for any or all of the purposes mentioned in the said <br /> ji <br /> i Section 332, shall, with interest thereon, be a charge upon the whole of <br /> ICI' the revenues of the municipality for the current year and for all preceding <br /> k years as and when such revenues are received. <br /> II 3. The Treasurer is hereby authorized and directed to apply k <br /> in payment of all sums borrowed as aforesaid, together with interest thereon, <br /> all of the moneys hereafter collected or received either on account or <br /> ! Ij realized in respect of taxes levied for the current year and preceding years <br /> or from any other sources which may lawfully be applied for such purpose. ! <br /> II'I 4. All other by-laws inconsistent to this by-law are hereby <br /> �i I1 repealed. <br /> Ei� II{ <br /> 5. This by-law shall come into force and take effect as of <br /> !i it the 1st day of January, 1980. <br /> E�; l <br /> PASSED this 16th day of January.__.._..__ A. D. 1980. <br /> ,i <br /> i <br /> list reading - Jan. 16/80 <br /> 2nd reading - Jan. 16/80 WAR EN <br /> !� <br /> 3rd reading - Jan. 16/80 <br /> ! <br /> I <br /> CLERK <br /> li ;I iE <br /> I! [j <br />