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BY-LAW NUMBER !470 <br /> <br />A BY-LAW OF THE COUNTY OF ESSEX TO RAISE A <br />LOAN TO MEET THE CURRENT EXPENDITURES OF <br />THE COUNTY OF ESSEX ROAD SYSTEM FOR THE <br /> YEAR 1963 <br /> <br /> WHEREAS it has been expedient and necessary to raise <br />by way of a loan the sum of Seven Hundred and Fifty Thousand <br />Dollars ($750,000.00) required to meet the current expenditures <br />of the County of Essex Road System during the year 1963o <br /> <br /> BE IT THEREFORE ENACTED by the Municipal Council of <br />the Corporation of the County of Essex as follows: <br /> <br /> 1. That it shall and may be lawful for the Corpora- <br />tion of the County of Essex to borrow from any chartered bank <br />or banks the sum of Seven Hundred anf Fifty Thousand Dollars <br />($750,000.00) for the purpose afore-mentioned to meet the <br />current expenditures of the County Road System for the year <br />1963 by demand notes at the rate of Five and Three-Quarters <br />per centum (5~%) per annum. <br /> <br /> 2. The Warden and Treasurer of the County of Essex <br />be and they are hereby authorized to enter into agreements to <br />carry into effect the said loan. <br /> <br /> 3. That all and any revenues of the Corporation are <br />hereby charged with repayment of all monies borrowed under the <br />authority of this by-law and the said chartered bank or banks <br />are hereby declared to have a lien upon all the said revenues <br />until the loan created under the authority of this by-law is <br />fully satisfied. <br /> <br /> $. That the Treasurer is hereby authorized and <br />directed to apply as much of the revenues of the Corporation <br />as may be necessary in payment of the obligations of the <br />Corporation created aforesaid. <br /> <br /> All other by-laws inconsistent to this by-law are <br />hereby repealed° <br /> <br /> This by-law shall come into force and take effect <br />as of the 1st day of Januaryy 1963. <br /> Passed this /~day'~ of January, 1963 in open <br />Council. <br /> <br />CLERK?. S C,.ERTIFICATE <br /> <br /> I, C. A. Keeley, Clerk of the Corporation of the County <br />of Essex, do hereby certify that the foregoing is a true and <br />correct copy of by-law 1570 read in the open council of the <br />County of Essex the necessary times and finally passed at <br />January session, 1963. <br /> <br /> Clerk~,County of~Es~~_.'~''_ <br /> <br /> <br />