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i� I li <br /> !li it ii <br /> Ijl. 'I I <br /> c' <br /> lil Il BY-LAW NUMBER 2357 <br /> ;i <br /> A BY-LAW TO AUTHORIZE THE BORROWING OF $3,000,000.00 TO <br /> MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX FOR ! <br /> I <br /> THE YEAR 1980. <br /> it <br /> i WHEREAS the Council of the Corporation of the County of Essex j <br /> (hereinafter called the "Municipality") deems it necessary to borrow the ! <br /> ji sum of $3,000,000.00 to meet, until the taxes are collected, the current <br /> expenditures of the municipality of the year. <br /> i� <br /> AND WHEREAS the total amount of the estimated revenues of <br /> the municipality as set forth in the estimates adopted for the year 1978 ! <br /> was $9,695,000.00. <br /> AND WHEREAS the total amounts heretofore borrowed for the I; <br /> EI �j purposes mentioned in subsection (1) of Section 332 of The Municipal <br /> � Act which have not been repaid is nil. <br /> II THEREFORE the Council of the County of Essex hereby enacts <br /> I as follows: 13 <br /> 1. The Head and the Treasurer are hereby authorized on behalf <br /> of the municipality to borrow from time to time by way of promissory note <br /> from the Canadian Imperial Bank of Commerce a sum or sums not exceeding <br /> ill li in the aggregate $3,000,000.00 to meet until the taxes are. collected the <br /> current expenditures of the municipality for the year, including,- the <br /> I, amounts required for the purposes mentioned in subsection (1) of Section <br /> ljl 332 of The Municipal Act, and to give on behalf of the municipality to <br /> i ! the bank a,promissory note or notes sealed with the Corporate Seal and I' <br /> signed by the Head and Treasurer for the moneys borrowed, with interest <br /> fi at such rate as may be agreed upon from time to time with the bank. <br /> II � if <br /> li <br /> 2. All sums borrowed pursuant to the authority of this by- <br /> I law, as well as all other sums borrowed in this year and in previous <br /> ilk years from the said Bank for any or all of the purposes mentioned in the <br /> I!� I said Section 332, shall, with intevest thereon, be a charge upon the whole <br /> f; <br /> i3 or the revenues of the municipality for the current year and for all <br /> preceding years as and when such revenues are received. !' <br /> �j 3. The Treasurer is hereby authorized and directed to apply <br /> i� in payment of all sums borrowed as aforesaid, together with interest <br /> i thereon, all of the moneys hereafter collected or received either on account <br /> I!� i or realized in respect of taxes levied for the current year and preceding <br /> II ! years or from any other source which may lawfully be applied for such purposes. <br /> 4. All other by-laws inconsistent to this by-law are hereby li <br /> repealed. <br /> �i 5. This by--law shall come into force and take effect as of <br /> ! the lst day of January, 1980. <br /> l PASSED this 16th day of January , A. D. 1980. <br /> lst reading - Jan. 16/80 <br /> J 2nd reading Jan. 16/80 <br /> 3rd reading - Jan. 16/80 WARD N it <br /> it <br /> iii I, 'l <br /> it l CLERK <br /> lit <br />