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The Corporation of the County Of Essex <br />By -Law No. 78 -2012 <br />A By -law Authorizing the Borrowing of Money to <br />Meet Current Expenditures of The Council of the <br />Corporation of the County of Essex <br />In accordance with subsection 407(l) of the Municipal Act, 2001, <br />as amended (the "Act "), the Corporation of the County of Essex (the <br />"Municipality ") considers it necessary to borrow the amount of <br />$8,000,000.00 to meet, until taxes are collected and other revenues are <br />received, the current expenditures of the Municipality for the year. <br />Pursuant to subsection 407(2) of the Act, the total amount <br />borrowed pursuant to this by -law together with the total of any similar <br />borrowings is not to exceed the limits set forth in that subsection or <br />other relevant sections of the Act and if so required under subsection <br />407(2), the Municipality shall have obtained the approval of the Ontario <br />Municipal Board. <br />Now therefore The Council of the Corporation of the County of <br />Essex hereby enacts as follows: <br />1. The Warden and the Treasurer are authorized on behalf of the <br />Municipality to borrow from time to time from Canadian Imperial <br />Bank of Commerce ( "CIBC") a sum or sums not exceeding in the <br />aggregate $8,000,000.00 to meet, until taxes are collected, the <br />current expenditures of the Municipality for the year pursuant to <br />subsection 407(1) of the Act, and to execute any documents that <br />are required in connection with the borrowing of the above sum, <br />plus interest, at a rate to be agreed upon from time to time with <br />CIBC, in addition to any reasonable charges of CIBC associated <br />with this borrowing. <br />2. All sums borrowed pursuant to this by -law, as well as all other <br />sums borrowed pursuant to the Act in this year and in previous <br />years from CIBC for any purpose will, with interest thereon, be a <br />charge upon the whole of the revenues of the Municipality for <br />the current year and for all preceding years as and when this <br />revenue is received. <br />3. The Treasurer is authorized and directed to apply in payment of <br />all sums borrowed plus interest, all of the moneys collected or <br />received on account in respect of taxes levied for the current <br />year and preceding years or from any other source which may <br />lawfully be applied for this purpose. <br />