1227-56-Raise loan to meet Expenditures of County RDs

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JANUARY REGULAR SESSION, 19% M By -Law No. 1227 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 1956. Whereas it has been expedient and necessary to raise by way of a loan the sum of Seven Hundred and Fifty Thousand Dollars (;750; 000.00) required to meet the Current Expenditures of the County of Essex Road System during the year 1956. Be it therefore enacted by the Municipal Council of the Corpora- tion of the County of Essex as follows; 1. That it shall and may be lawful for the Corporation of the County of Essex to borrow from any Chartered Bank or Banks the sum of Seven Hundred and Fifty Thousand Dollars ($750,000.00) far the purpose aforementioned to meet the Current Expenditures of the County Road System for the year 1956 by demand notes at the rate of Four and one - quarter (4Y4 %) percentum per annum. 2. The Warden and Treasurer of the County of Essex be and they are hereby authorized to enter into agreements to cam into effect the said loan. 3. That all and any revenues of the Corporation are hereby char ged with repayment of all monies borrowed under the authority of this Bylaw and the said Chartered Bank or Banks are hereby deelared to have a lien upon all the said revenues until the loans created under the authority of the said Bylaw are fully satisfied. 4. That the Treasurer is hereby authwt" and directed to apply as much of the revenues of the Corporation as may be necessary in payment of the obligations of the C7orparatiOR created sforeeaid. All other Bylaws inconsistent to this bylaw are berebY repealed. This Bylaw shall coarse into tome and take effect as st tM 1a1 day of January, 1666. Passed this 20th day of January, ISM is opera CMDdL (Signed) C. A. KEELEY. (Signed) THOMAS M. DUFOUB, Clerk. War"