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0 BY -r.Aw 1251 • <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 1957. <br />Whereas it has been expedient and necessary to raise by way of a loan the <br />s:um of Seven Hundred and Fifty Thousand Dollars ($750,000.00) required to meet <br />the current Expenditures of the County of Essex Road System during the year 1957. <br />Be it therefore enacted by the Municipal Council of the Corporation of the <br />County of Essex as follows; <br />1. That it shall and may be lawful for the Corporation of the County of <br />Essex to borrow from any chartered Bank or Banks the sum of Seven Hundred and <br />Fifty Thousand Dollars 0750,000.00) for the purpose aforementioned to meet <br />the Current Expenditures of the County Road System for the year 1957 by demand <br />notes at the rate of Five and on quarter (54 %) percentum per annum. <br />2. The Warden and Treasurer of the County of Essex be and they are hereby <br />authorized to enter into agreements to carry into effedt the said loan. <br />3. That all and any revenues of the Corporation are hereby charged with <br />repayment of all monies borrowed under the authority of this Bylaw and the <br />said Chartered Bank or Banks are hereby declared to have a lien upon all the <br />said revenues until the loans created under the authority of the said Bylaw <br />are fully satisfied. <br />4. That the Treasurer is hereby authorized and directed to apply as much <br />of the revenues of the Corporation as may be necessary in payment of the obligations <br />pf tje Corporation created aforesaid. <br />All orther Bylaws inconsistent to this bylaw are hereby repealed. <br />This Bylaw shall come into force and take effect as of the 1st day of <br />January, 1957. <br />Passed this 18th day of January, 1957 in open Council. <br />a <br />r� r -Warden <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 1251 read <br />in the open Council of the County of Essex the necessary times and finally passed <br />at its January Session, 1957. <br />