1128-52-Raise a Loan to Meet Current Expenditures

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58 JANUARY REGULAR SESSION, 1962 I, C. A. KEELEY, Clerk of the Corporation of the County of Essex, do hereby certify that the foregoing is a true and correct copy of By -law 1127 read the necessary times and finally passed in open Council of the Essex County Council at its January Session. (Signed) C. A. KEELEY, Clerk of the County of Easex. 0 MLAW No. 1128 A BY -LAW of the County of Essex to Raise a Loan to meet the Current Expenditures of the County of Essex Road System for the year 1952. WHEREAS, it has been deemed expedient to raise by way of loan the sum of Four Hundred Thousand Dollars ($400,000.00) required to meet the Current Expenditures of the County Roads System during the year 1952. BE IT THEREFORE enacted by the Municipal Council of the Cor- poration of the County of Essex as follows: 1. That it shall and may be lawful for the Corporation of the Counts of Essex to borrow from any Chartered Banks or Bank the aunt ad Four Hundred Thousand Dollars ($40o,000.00) for the purpose afore said to meet the Current Expenditures of the County Road System star the year 1952 by demand notes at the rate of (996) Four Percent per annum. 2. The Warden and the Treasurer of the County of Emm he and they are hereby authorized to enter into necessary agreements to carry into effect the said loan. a. That all and any revenues of the Corporation are hereby charged with repayment of all moneys borrowed under the authority of this bylaw and the said Chartered Banks or Bank are hereby declared to have a lien upon all the said revenues until the loans erected ands the authority of the said bylaw are fully satisfied. 4. That the Treasurer is hereby authorized and directed to apply ss much of the revenues of the Corporation as may he necessary is paYment of the obligations of the corporation created as aforesaid