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A BY-LAW AUTHORIZING THE BORROW~ING OF TEMPORARY ADVANCES PENDING THE PASSING OF A BY.-LAW FOR THE ISSUANCE AND SALE OF DEBENTURE.S TO RAISE THE SUMS REQUIRED BY THE NORTH ESSEX DISTRE[CT HIGH SCHOOL BOARD FOR THE CONSTRUCTION AND EQUIPPING OF THE NEW ADDITIONS TO THE NORTH ESSE~ DISTRICT HIGH SCHOOL° WHEREAS the majority o.f the munici, palit:ies included in the North Essex High Sc:ho,oil D:isr~r:ict have requested the Council of the Corpor..atior, of ~;he County of Essex to raise the sums requi, r'ed f~r ~he ,tonst.~,uction and equipping of the new addit[oas to t~e North Essex District High School in the Village of Be!lie R.i~'er,, AND WHEREAS the Council of the Corporation of the County of Essex by resolution has approved the said request; AND WHEREAS by Order dated Wednesday~ the 24th day of Apri~ 196~, The Ontario Mu'n:£c~pat Board, pursuant to Section of The Ontario Municipal Board Act, Chapter 27~, R. S. O. 1960 has approved the constrnct:ion and equip- ment by The North Essex District High School Board of an addition to the North Essex District High School a.t a cost of $438,345.80, and has authorized the Corporation of the County of Essex for such purposes 'to .pass ali.. requisite By-laws including By-,laws providing fo~:' ~empo:rary advances and for the issue and sale of debentures~ provided t;~t the term of the debentures shall not exceed, twenty (20) years. AND WHEREAS it is deemed ex?ed!..ient to borrow~ as temporary advances pending the .i, ss~,a.e a~'~d sal.~ of debentures, the sum of $~.3 ~a~,~ 0 I ...... :~ purpose a.fore- said. NOW THEREFORE the Council. of t}he Corporation of the County of Essex enacts as follows~ 1. The Corporation snail borrow and dotlh hereby authorize the borrowing from The Canad{.a~, Imperial Bank of Commerce as temporary advances pending the issue and sale of debentures, as above cited, s~,~.at~ sdva~::~es as may' be required but not exceeding a total ~.:,f $A38~3~.5o80 on the terms and subject to the conditions set. fo:z"~h in. this By-law. 2. Within the limit aforesaid aad a.s monies are required from time to time for the purpose above cited~ the Warden and Treasurer of the County of gssex~ acting on behalf of the Corporation of the County of Essex~ are hereby authorized to borrow monies .from t[~e sa:].d bank for the said purpose, pending the issue and sale of the deben= tures to be authorized as aforesaid and 'to sign and deliver to the sa~.,d bank s't~cb prom~ssory n:o~.e o~" ~.o~es as may be required for the :repayment of the monies borrowed at suc~ time or times and at such rate of interest as m, ay be agreed upon, with the said bank, 'but not exceedi, ng the Y"'at~.e of six percentum (6%) per annum and to affix the Corporate Seal of the Corporation of the County of Essex to such promissory note or notes.