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1475-63-Raise Loan to Meet Expenditures for SPH
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1475-63-Raise Loan to Meet Expenditures for SPH
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6/11/2012 3:33:33 PM
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70 JANUARY REGULAR SESM014 <br />By -Law Numb&r 1475 <br />A BY-LAW OF THE COUNTY OT >ESSLX TO NAIMA A <br />LOAN TO MEET THE CURRENT zxPENDrrUX 8 OF <br />THE SUN PARLOR HOME FOR SENIOR CITIZENS <br />FOR THE YEAR 186L <br />WHEREAS it has been expedient and necessary In raise by 1007 <br />of a loan the sum of Seventy -Five 7jumsand Dollars ($75.00R00) re <br />quired to meet the current expenditures of the Sun Parlor Hone for <br />Senior Citizens during the year 1963. <br />BE IT THEREFORE ENACTED by the Municipal Council at <br />the Corporation of the County of Essex and it is hereby enacted: <br />1. That it shall and may be lawful for the Corporation of the <br />County of Essex to borrow from any chartered bank or banks the suss <br />of Seventy -Five Thousand Dollars ($75.000.00) for the purpose afore- <br />mentioned to meet the current expenditures of the Sun Parlor Home <br />for Senior Citizens for the year 1963 by demand notes at the rate of <br />Five and Three - Quarters per centuni (5%%) per annuaa <br />2. The Warden and Treasurer of the County of Essex be and <br />they are hereby authorised to enter into agreements to earry into <br />effect the said loan. <br />3. That all and any revenues of the Corporation are bweby <br />charged with repayment of all monies borrowed under the authority <br />of this by -law and the said chartered bank or banks are hereby declared <br />to have a lien upon all the said revenues until the loan anted under <br />the authority of this by -law is fully satisfied. <br />4. That the Treasurer is hereby authorised and dhveted to <br />apply as much of the revenues of the Corporation as may be necessary <br />in payment of the obligations of the Corporation created atoeav" <br />
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