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1182-54-Raise Loan to Meet Current Expenditures
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1182-54-Raise Loan to Meet Current Expenditures
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JANUARY REGULAR SESSION, 1984 Rt <br />BY -Law Numbe 1182 <br />A BYLAW OF THE COUNTY OF ESSEX TO RAISE A LOAN TO <br />MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX <br />ROAD SYSTEM FOR THE YEAR 1954. <br />WHEREAS, it has been expedient and necessary to raise by way <br />of a loan the sum of Four Hundred Thousand Dollars ($400,000.00) re- <br />quired to meet the Current Expenditures of the County Roads System <br />during the year 1954. <br />BE IT THEREFORE enacted by the Municipal Council of the CK- <br />poration of the County of Essex as follows; <br />1. That it shall and may be lawful for the Corporation of the <br />County of Essex to borrow from any Chartered Banks or Bank the <br />sum of Four Hundred Thousand Dollars( $400,000.00) for the purpose <br />aforesaid to meet the Current Expenditures of the County Rbad System <br />for the year 1954 by demand notes at the rate of (434 %) Four and <br />one - quarter percent per Annum. <br />2. The Warden and Treasurer of the County of Essex be and <br />they are hereby authorized to enter into agreements to cam into <br />effect the said loan. <br />3.. That all and any revenues of the Corporation are hereby eha� <br />ged with repayment of all monies borrowed under the authority ad <br />this by -law and the said Chartered Banks or Bank are hereby de- <br />clared to have a lien upon all the said revenues until the loans created <br />under the authority of the said By -law are fully satisfied. <br />4. That the Treasurer is hereby authorised and directed to <br />apply as much of the Revenues of the Corporation as may be necessary <br />in payment of the obligations of the Corporation created as aforesaid. <br />All other by -laws inconsistent to this By -law are hereby repealed. <br />Passed this 22nd day of January, 1954, in open Council. <br />(Signed) C. A. KEELEY, (Signed) H. A. BRUNEK <br />Clerk Warden <br />1, C. A. Keeley, Clerk of the Corporation of the County of Essex, <br />do hereby certify that the foregoing is a true and correct copy of By-law <br />Number 1182 read in open C of the Essex County Council the <br />neCessary times and finally passed at its January Session. <br />(Signed) C. A. EEZW. <br />Clark of the Count► of Essex <br />
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