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1422-62-Raise Loan to Meet Expenditures
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1422-62-Raise Loan to Meet Expenditures
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74 JANUARY REGULAR SESSION, 1969 <br />By -Law Number 1422 <br />A BY -LAW OF THE COUNTY OF ESSEX TO RAISS A <br />LOAN TO MEET THE CURRENT EXPENDITURES OF <br />THE COUNTY OF ESSEX FOR THE YEAR 1962. <br />WHEREAS, it has been deemed expedient and necessary to raise <br />a loan of Five Hundred Thousand ($500,000.00) Dollars required to <br />meet the current expenditures for the County of Essex for the Yftr <br />1962. <br />BE IT THEREFORE ENACTED by the Municipal Council of the <br />Corporation of the County of Essex to borrow from the Chartered <br />Bank or Banks, the sum of Five Hundred Thousand ($500,000.00) <br />Dollars for the purpose aformentioned to meet the current exPenxbturel <br />for the year 1962 by demand notes at the rate of F9ve and arse -half <br />(5 % %) per centum per annum. <br />2. That the Warden and Treasurer of the County of Essex be and <br />they are hereby authorized to enter into necessary agr+eesnents to carry <br />into effect the said loan. <br />3. That all revenues of the Corporation are hereby charged witb <br />the repayment of all monies borrowed under the authority of this by- <br />law and the said Charter Banks are hereby declared to have a lien uPW <br />all the revenues until this said loan under the authority of this by-law <br />be fully satisfied. <br />4. That Treasurer is hereby authorized and directed to apply ao <br />much of the revenues of the Corporation as may be necessary in Pay" <br />meet of the obligations of the Corporation created as aforesaid <br />This by -law shall come into force and take effect as of the 1st day <br />of January, 1962. <br />All other by -laws inconsistent to this by -law are hereby repealed. <br />Passed in open Council this 17th day of January, 1962- <br />EUGENE, WHELAN, Warden C. A. KEELEY. Clerk <br />
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