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BY-LAW NUMBER 1494 <br /> <br />A BY-LAW OF THE COUNTY OF ESSEX TO RAISE A <br />LOA'N 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 by <br />way of a supplementary loan the sum of Five Hundred Thousand Dollars <br />($500,000.00) required to meet the current expenditures of the County <br />of Essex Road System during the year 1963. <br /> <br /> BE IT THEREFORE ENACTED by the Municipal Council of the <br />Corporation of the County of Essex as follows: <br /> <br /> 1. That it shall and may be lawful for the Corporation of <br />the County of Essex to borrow from an chartered bank or banks the <br />sums of Five Hundred Thousand Dollars ($500,000.00) for the purpose <br />aforementioned to meet the ~rrent expenditures of the County Road <br />System for the year 1963 b~ demand notes at the rate of Five and <br />Three-Quarters per centum (5~%) per annum. <br /> <br /> 2. The Warden and Treasurer of the County of Essex be and <br />they are hereby authorized to enter into agreements to carry into <br />effect the said supplementary loan. <br /> <br /> 3. That all and any revenues of the Corporation are hereby <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 <br />declared to have a lien upon all the said revenues until the supple- <br />mentary loan created under the authority of this by-law is fully <br />satisfied.. <br /> <br /> 4. That the Treasurer is hereby authorized and directed 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 aforesaid. <br /> <br /> This by-law shall come into force and take effect as of the <br />1st day of September, 1963. <br /> Passed this 18th day of September, 1963 in open CounC~l. '~ ~ <br /> <br />, ,CLERk. ' $, CERTIFICATE <br /> <br /> I, C. A. Keeley, Clerk of the Corporation of the County of <br />Essex, do hereby certify that the foregoing is a true and cerrect <br />copy of by-law 1494 read in the open council of the County ~fiEssex <br />the necessary times and <br /> <br /> 6 <br />finally passed at it~ September Sems~on, 1~9 <br /> <br /> Clerk, C~-d~nty~i~~ - <br /> <br /> <br />