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1387-61 RaiseALoanForRoads
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1387-61 RaiseALoanForRoads
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12/24/2012 10:29:03 AM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
1/19/1961
C - Council, Boards and By-laws - Department
Finance
C - Council, Boards and By-laws - Description
A bylaw of the county of essex to raise a loan to meet the current expenditures of the county of essex road system for the year 1961.
C - Council, Boards and By-laws - Bylaw No
1387-61
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By-law
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BY-LAW NUMBER 1387 <br /> <br />A BY-LAW OF THE COUNTY OF ESSEX TO RAISE A LOAN TO MEET THE <br />CDRRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD SYSTEM F~R <br /> THE YE~ 1961 <br /> <br /> WHEREAS it has been expedient and necessary to raise 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 expenditures of the County <br />of Essex Road System during the year 1961. <br /> <br /> BE IT TH~REF(RE enacted by the FAmicipal Council of the Corp- <br />oration of the County of Essex as follows: <br /> <br /> 1. That it shall and may be lawful for the Corporation of the <br />County of Essex to borrow from any chartered Bank or Banks the sum of <br />Seven Hundred and Fifty Thousand Dollars (750,000.00) for the purpose <br />aforementioned to meet the current expenditures of the County Road <br />System for the year 1961 by demand notes at the rate of Five and Three- <br />quarter (5 3/4%) per centum per annum. <br /> <br /> 2. The Warden and Treasurer of the Co~uty of Essex be and they <br />are hereby authorized to enter into agreements to carry into effect the <br />said loan. <br /> <br /> 3. That all and any revenues of the Corporation are hereby <br />charged with repayment of all menies borrowed under the authority of <br />this By-law and the lien upon all the said revenues until the loans <br />created under the authority of the said 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 as may be necessary in <br />payment of the obligations of the Corporation created aforesaid. <br /> <br /> Ail other By-laws inconsistent to this by-law are hereby repealed. <br /> This By-law shall come into force and take effect as of the <br /> <br />1st day of January, 1961.~ ~ ~ <br /> Passed this/~~day of January, 1961 in open Counci!i~ - <br /> <br /> wara~n~ <br /> <br /> I, C. A. Keeley, Clerk of the Corporation of the County of <br />Essex, do hereby certify that the foregoing is a true and correct copy <br />of By-law number 1387 read in the open Council of the County of Essex <br />the necessary times and finally passed at its January session, 1961. <br /> <br /> <br />
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