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BY-LAW NUMBP.;E i588 <br /> <br />A BY-LAW OF THE COUNTY OF ESSEX TO RAISE A <br />LOAN TO MEET THE CURRENT EXPENDITURES OF THE <br />SUN PARLOR HOME FOR SENIOR CITIZENS F0R THE <br /> YEAR 1961. <br /> <br /> WHEREAS it has been expedient and necessary to raise <br /> <br />· by way of a loan the sum of Seventy-five Thousand Dollars ($75,000.00) <br /> required to meet the current expenditures of the County of <br /> Essex Home for Elderly Citizens during the year 1961. <br /> <br /> BE IT THEREFORE ENACTED by the Municipal Council of <br /> <br /> the Corporation of the County of Essex as follows: <br /> <br /> 1. That it shall and may be lawful for the Corporation <br /> <br /> of the County of Essex to borrow from any chartered Bank or Banks <br /> the sum of Seventy-five Thousand Dollars ($75,000.00) for the <br /> purpose aforementioned to meet the current expenditures of the <br /> Sun Parlor Home for Senior Citizens for the year 1961 by demand <br /> notes at the rate of Five and Three-Quarter percentum (5 3/4%) <br /> per annum. <br /> <br /> 2. The Wara. en Bnd Treasurer of the County of Essex be <br /> <br /> and they are hereby authorized to enter into agreements to carry <br /> <br /> into effect the said loan. <br /> <br /> 3. That all and any revenues of the Corporation are <br /> <br /> hereby charged with repayment of all monies borrowed under the <br /> authority of this By-law and the lien upon all the said revenues <br /> until the loans created under the authority of the said By-laws <br /> are fully satisfied. <br /> <br /> 4. That the Treasurer is hereby authorized and direct- <br /> <br /> ed to apply as much of the revenues of the Corporation as may <br /> be necessary in payment of the obligations of the Corporation <br /> created aforesaid. <br /> <br /> All other By-laws inconsistent to this by-law are here- <br /> <br /> by repealed. <br /> <br /> This By-law shall come. into force and take effect as <br /> <br /> of the 1st day of January,-- <br /> ~ ~r~ 6 <br /> /F~e~ th~s ~Y ~anu~ y, 19~l~n op~en Councilf <br /> .,..- <br /> Warden. <br /> <br /> I~ C~ A. Keele~ Clerk' of'[~he Corporation of the County <br /> of Essex, do hereby certify that the foregoing is a true and cor- <br /> rect copy of By-l~aw number 1388 read in the open Council of the <br /> County of Esse~/~~o~s~~finally passed at its <br /> January, 1961 <br /> '~* .~- , County of Essex <br /> <br /> <br />