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A BY-LAW OF THE COUNTY OF ESSEX TO RAISE <br /> A LOAN TO MEET THE CURR~NT EXPENDITURES OF <br /> THE COUNTY OF ESSE~ ROAD SYST]~i FOR THE ~TEAR <br /> 1960 <br /> <br /> ~EP~EAS it has been expedient and necessary to r~ise by <br /> <br />way of a loan the sum of Seven Hundred and Fifty Thousand Dollars <br />($750,000.00) required to meet the current ~Xpenditures of the <br />County of Essex Road System during the year 1960. <br /> <br /> BE IT THEREFORE enacted by the Municipal Council of the <br />Corporation of the Co~mty of Essex as follows; <br /> <br /> 1. That it shall and may be lawful for the Corporation of <br /> <br />the County of Essex to borrow from any chartered B~nk or Banks the <br />sum of Seven Hundred and Fifty Thoussnd Dollzrs ($750,000.00) for <br />the purpose aforementioned to meet the Current Expenditures of the <br />County Road System for the year 1960 by demand notes at the rate <br /> <br />of Five~X and Three-quarter (5 3/4%) per centum per annum. <br /> <br /> 2. The Warden and Treasurer of the County of Essex be and <br /> <br />they are hereby authorized to enter into agreements to carry into <br /> <br />effect the said loan. <br /> <br /> 3. ~at all any any revenues of ~he Corporation are here- <br /> <br />by charged with repayment of all mo~ies borrowed under the authority <br />of this By-law and the lien upon all the said revenues until the loans <br />created under the authority of the s~id By-laws are fully satisfied. <br /> <br /> 4. That the Treasurer is hereby authorized and directed to <br /> <br />apply as much of the revenues of the Corporation ~ may be necessary <br /> <br />in p~yment of the obligations of the Corporation created ~foresaid. <br /> <br /> Ail other By-laws inconsistent to this by-law are hereby <br /> <br />repealed. <br /> <br />This By-law shall come into force and take effect as of the <br /> <br />let day of January, 1960. <br /> Passed this~ .~..day of January, 1960 in open Council. <br /> <br />I, C. A. Keeley, Clerk of the Corporation of the County of <br /> <br />Essex, do hereby certify that the foregoing is a true and correct copy <br />of By-law Number~.~.~.read in the open Council of the County of Essex <br /> <br />the necess~y times and f~nally passed at its January Session, 1960. <br /> <br />· ~ of Essex. <br /> <br /> <br />