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BY-LAW NUMBER 2356 <br /> �I A BY--LAW TO AUTHORIZE THE BORROWING OF $1,500,000.00 TO <br /> MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX jl <br /> fl ROAD SYSTEM FOR THE YEAR 1980. <br /> li �I <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 /> I' sum of $1,500,000.00 to meet, until the taxes are collected, the current <br /> expenditures of the municipality of the year; <br /> AND WHEREAS the total of amounts heretofore borrowed for . <br /> the purposes mentioned in subsection (1) of Section 332 of The Municipal l <br /> EiAct which have not been repaid is nil, <br /> I�! THEREFORE the Council of the County of Essex hereby enacts <br /> as follows: h <br /> i <br /> 1. The Head and the Treasurer are hereby authorized on I <br /> behalf of the municipality to borrow from time to time by way of promissory <br /> note from the Canadian Imperial Bank of Commerce a sum or sums not <br /> exceeding in the aggregate $1,500,000.00 to meet, until the taxes are �! . <br /> collected the current expenditures of the municipality for the year, I; <br /> including the amounts required for the purposes mentioned in Subsection (1) j <br /> of Section 332 of the Municipal Act, and to give on behalf of the <br /> municipality to the bank a promissory note or notes sealed with the <br /> li P y p y , <br /> Corporate Seal and signed by the Head and Treasurer for the moneys so II <br /> !� borrowed, with interest at such rate as may be agreed upon from time <br /> to time with the bank. <br /> 2. All sums borrowed pursuant to the authority of this by- <br /> law as well as all other sums borrowed in this year and in previous years <br /> from the said bank for any or all the purposes mentioned in the said <br /> I' Section 332, shall, with interest thereon, be a charge upon the whole or <br /> the revenues of the municipality for the current year and for all preceding- <br /> '''I years as and when such revenues are received. j <br /> 3. The Treasurer is hereby authorized and directed to apply j? <br /> I' in payment of all sums borrowed as aforesaid, together with interest <br /> thereon, all the moneys hereafter collected or received either on account <br /> I or realized in respect of taxes levied for the current year and preceding <br /> 1 years or from any other source which may lawfully be applied for such purpose. <br /> i� I�I 4. All other by-laws inconsistent to this by--law are hereby !3 <br /> ! Ij repealed. <br /> 5. This by-law shall come into force and take effect as of the ij <br /> 1st day of January, 1980. <br /> �! PASSED the 16th day of January--, A.D. 1980 . <br /> 1st reading -- Jan. 16/80 <br /> ! 1 2nd reading - Jan, 16/80 WARl7EN <br /> 3rd reading - Jan. 16/80 <br /> '1 <br /> Ill II � I'i <br /> �3 !1 CLE <br />