1452-62 RaiseALoanForRoads - Laserfiche WebLink

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BY-LAW NUMBER 1 5~ A BY-LAW OF THE COUNTY OF ESSEX TO RAISE A SUPPL~24ENTARY LOAN TO MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD SYSTEM FOR THE YEAR 1962o WHEREAS it has been expedient and necessary to raise by way of.a SupplemeDtary Loan the sum of five hundre thousand dollars ($500,000°00) required to meet the current expenditures of the County of Essex Road System during the year 19~2o BE IT THEREFORE ENACTED by the Municipal Council of the Corporation of the County of Essex as .follows~ 1o That it shall and may be lawful for the Corpora- tion of the County of Essex to borrow from any chartered bank or banks the sum of five hundred thousand dollars ($500,000o00~ for the purpose aforementioned to meet the current expenditures of the County of Essex system for the year 1962 by demand notes at the rate of six (6%) per centum per annum° 2o The Warden and Treasurer of the County of Essex be and they are hereby authorized to enter into agreements to carry into effect the said loano 3o That all and any revenues of the Corporation are hereby charged with repayment of all monies borrowed under the authority of this by-law and the lien upon all the said revenues until the loans created under the authority of the said By-laws are fully satisfied° 4° That the Treasurer is hereby authorized and directed to apply as much of the revenues of the Corporation as may be necessary in payment of the obligations of the Corporation created aforesaid° This by-law shall come into force and take effect as of the 1st day of September, 1962o Passed this 30th day of August, 1962 in open Council~ Warden CLERK'S CERTIFICATE I, Co A o Kee!ey, Clerk of the Corporation of the County of Essex, do hereby certify that the foregoing is a true and correct copy of By-law number 1452 read in the open council of the County of Essex the necessary times and finally~ - ~ passed at its August 30, 1962 session° Courtly of Essex ~ ~.