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A WNUNBER 3.199 <br />A BYLAW OF THE COUNTY OF ESSEX TO RAISE A LOAN TO MEET THE CURRENT EXPENDITURES <br />OF THE COUNTY OF ESSEX ROAD SYSTEM FOR THE YEAR 1955. <br />WHEREAS., it has been expedient and necessary to raise by way of a loan the sum of <br />FOUR HUNDRED THOUSAND DOLLARS($400,000,00) required to meet the Current Expenditures <br />of the County Road System during the year 1955. <br />BE IT THEREFORE enacted by the Municipal Council of the Corporation of the County <br />of Essex as follows; <br />1. That it shall and may be lawful for the Corporation of the County of Essex to borrow <br />from any Chartered Banks and Bank the sum of Four Hundred Thousand Dollars($400.,000,00) <br />for the purpose aforesaid to meet the Current Expenditures of the County Road System <br />for the year 1955 by demand notes at the rate of Four and one - quarter (4-, 1 j %) pereentum <br />per annum. <br />2, The Warden and Treasurer of the County of Essex be and they are hereby authorized to <br />enter into agreements to carry into effect the said loan. <br />3. That all and any revenues of the Corporation are hereby charged with repayment of all <br />monies borrowed under the authority of this bylaw and the said Chartered Banks and Bank <br />are hereby declared to have lien upon all the said revenues until the loans created <br />under the authority of the said Bylaw are fully satisfied, <br />4, That the Treasurer is hereby authorized and directed to apply as much of the Revenues <br />of the Corporation as may be necessary in payment of the obligations of the Corporation <br />created as aforesaid. <br />All other bylaws inconsistent to this Bylaw are hereby repealed, <br />Passed this ....day of January, 1955, in open Council. <br />... i -s - .s -. , . • s . • • . • • * 40 . • • • • 1 .... s .. • . <br />C erk Warden <br />CERTIFICATE <br />I, C. A. Keeley Clerk of the Corporation of the County of Essex, do hereby <br />certify that the foregoing is a true and correct copy of Bylaw Number 1199 read in the <br />open Council of the County of Essex the necessary times and finally passed at its <br />January Session. <br />