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1251-57-Raise Loan to Meet Expenditure for Rds
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1251-57-Raise Loan to Meet Expenditure for Rds
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58 JANUARY REGULAR BF.SSIQN, 1987 <br />By -Law No. 1251 <br />A BY -LAW OF THE COUNTY OF ESSEX TO RAISE A LOAN <br />TO MEET THE CURRENT EXPENDITURES OF THE COUNTY <br />OF ESSEX ROAD SYSTEM FOR THE YEAR 1957. <br />Whereas it has been expedient and necessary to raise by way d • <br />loan the sum of Seven Hundred and Fifty Thousand Dollars ($750,000.00) <br />required to meet the current Expenditures of the County of mom <br />Road System during the year 1957. <br />Be it therefore enacted by the Municipal Council of the Corpam <br />'lion of the County of Essex as follows; <br />1. That it shall and may be lawful for the Corporation d tits <br />County of Essex to .borrow from any chartered Bank or Banks the sum <br />of Seven Hundred and Fifty Thousand Dollars ($750,000.00) for the <br />purpose aforementioned to meet the Current Expenditures ad the <br />County Road System for the year 1957 by demand notes at the rate of <br />Five and one quarter (5 %%) percentum 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 tarry into <br />effect the said loan. <br />3. That all and any revenues of the Corporation are hereby obarged <br />with repayment of all monies borrowed under the authority of thin <br />By -law and the said Chartered Bank or Banks are bereby declared to <br />have a Men upon all the said revenues until the loam aareated Wider <br />the authority of the said By -laws are fully satisfied. <br />4. That the Treasurer is bereby authorized and directed to apply <br />as much of the revenues of the Corporation as array be necessary in PW <br />went of the abligatioaae of the Corporation created aforesaid. <br />All other Bylaws inconsistent to this bylaw are hereby repealed. <br />
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