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THE CORPORATIOI~ OF THE COUNTY OF ESSEX <br /> <br /> BY-LA~! NUMBER 14_67 <br /> <br />A BY-LAW AUTHORIZING THE BORROWING OF T~VqPORARY <br />ADVANCES PENDING THE PASSING OF A BY-LAW FOR THE <br />ISSUANCE AND SALE OF DEBENTURES TO RAISE THE Sb~ <br />REQUIRED BY THE CORPORATION OF THE COU~TY OF ESSEX <br />FOR THE CONSTRUCTION AND EQUIPPING OF THE <br />COURT HOUSE FOR THE COUNTY OF ESSEX. <br /> <br /> WHEREAS, the Corporation of the County of Essex <br />deem it expedient to borrow, as temporary advances pend- <br />ing the issue and sale of debentures, the sum of $4~4,000.00 <br />for the purpose aforesaid; <br /> <br /> ~D MHEREAS by order dated Wednesday, the 5th day <br />of December, 1962, The Ontario ~unicipal Board, pursuant to <br />Section 64 of The D~unicipal Board Act, Chapter 274, R. S. O. <br />1960, has approved the construction of and equipping by the <br />Corporation of the County of Essex of their share of a new <br />Court House for the County of Essex in the City of Windsor <br />in the amount of $46~,000.00, and has authorized the Corp- <br />oration of the County of Essex for such purposes to pass <br />all requisite by-laws including by-laws providing for the <br />temporary advances pending the passing of a by-law for the <br />issuance and sale of debentures. <br /> <br /> MOW THEREFORE THE C0~CIL OF THE CORPORATIOE OF <br />THE CO~TY OF ESSEX ENACTS AS FOLLO~S: <br /> <br /> 1. The Corporation shall borrow and doth hereby <br />authorize the borrowing from The Canadian Imperial Bank of <br />Commerce as temporary advances pending the issue and sale <br />of debentures, as above cited, such advances as may be <br />required but not exceeding a total of $464,000.00 on the <br />terms and subject to the conditions set forth in this by- <br />law. <br /> <br /> 2. Within the limit aforesaid and as monies are <br />required from time to time for the purpose above cited, the <br />Warden and Treasurer of the County of Essex, acting on behalf <br />of the Corporation of the County of Essex, are hereby auth- <br />orized to borrow monies from the said bank for the said <br />purpose, pending the issue and sale of the debentures to be <br />authorized as aforesaid and to sign and deliver to the said <br />bank such promissory note or notes as may be required for <br />the repayment of the monies borrowed at such time or times <br />and at such rate of interest as may be agreed upon, with the <br />said bank, but not exceeding the rate of five and three <br />quarters ~ ~ <br /> ~,~ per centum per annum and to affix the Corpor- <br />ata seal of the Corporation of the County of Essex to such <br />promissory note or notes. <br /> <br /> 3. The Warden and Treasurer are hereby authorized <br />to assign and pledge the said debentures when issued to the <br />said bank upon the issue thereof to be held by the said bank <br />as collateral security for all monies borrowed under this <br />by-law and interest thereon and to assign to the said bank <br />the monies growing due from the sale of the said debentures <br />when issued; and the proceeds of the sale of the said <br />debentures when issued, or so much thereof as may be necessary, <br />shall be paid to the said bank in satisfaction of the monies <br />borrowed under this by-law and interest thereon. <br /> <br /> Finally passed this 12th day of December, 1962. <br /> <br />1st reading- ~,~'/£~~ <br />2nd reading- ~-/gL~//~ <br />3rd reading-~ <br /> <br /> <br />