1306-59 RaiseALoanForCntyRoads - Laserfiche WebLink

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BY-LAW NO. 1306 A BY-LAW OF THE COUNTY OF ESSEK TO RAISE A LOAN TO MEET THE CURRENT E~PENDITURES OF THE COUNTY OF ESSE~ ROAD SYST~24 FOR THE YEAR 1959. Whereas it has been expedient and necessary to raise by way of a loan the sum of Seven Hundred and Fifty Thousand Dollars ($750,000.00) required to meet the current E~penditures of the County of Essex Road Syste~ during the year 1959. Be it therefore enacted by the Municipal Council of the Corporatim ef the County of Essex as follows; 1. That it shall and may be lawful for the Corporation of the County of Essex to borrow frcm any chartered Bank ~r Banks the sum of Seven Hundred and Fifty Thousand Dollars ($750,000.00) for the purpose aforementioned to meet the Cur- rent E~pendit~res of the County Road System for the year 1959 by demand notes at the rate ef Five (5%) percentum per 2. The Warden and Treasurer of the County of Essex be and they are hereby authorized to enter into agreements to carry into effect the said loan. 3. That all and amy revenues of the Corporation are hereby charged with repayment of all monies borrowed under the authority of this By-law and the lien upon all the said revenues ~util the loans created under the authority of the Said By-laws are fully satisfied. 4. That the Treasurer is hereby aa~horized and directed to apply as much of the revenues of the C~mporation as may be necessary in payment of the obli- gations of the Corporation created aforesaid. Ail other By-laws inc~sistent to this by-law are hereby repealed~ This By-law shall c~e i~to force and take effect as of the 1st day of January, 1959. Passed this ~day of January, 19%9 in open council. ....... .... ~ Warden. I, C. A~ Keeley, Clerk ef the Corporation of the County of Essex, do here- by certify that the foregoing is a true and correct copy of By-law Number 1306 read in the open Council ef the County of Essex the necessary t~mes and finally passed at i~w January Session, 1959.