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BY-LAW NUMBER 1~0.9 <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 196&. <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 196&o <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 an chartered bank <br />or banks the sum of Seven Hundred and Fifty Thousand Dollars <br />($750,000.00) for the purpose aforementioned to meet the <br />current expenditures of the County Road System for the year <br />196& 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 <br />to 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 <br />the authority of this by-law and the said chartered bank or <br />banks are hereby declared to have a lien upon all the said <br />revenues until the loan created under the authority of this <br />by-law is fully satisfied. <br /> <br /> ~. That the Treasurer is hereby authorized and directed <br />to apply as much of the revenues of the Corporation as may be <br />necessary in payment of the obligations of the Corporation <br />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hereby repealed.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 January, 196~. <br /> Passed this ~~day of January, 196~ in open <br />Council <br /> <br />CLERKt S CERTIFICATE <br /> <br /> I, C. A. Keeley, Clerk of the Corporation of the <br />County of Essex, do hereby certify that the foregoing is a <br />true and correct copy of by-law 1509 read in the open Council <br />of the County of Essex the necessary times and finally pamsed~.~ <br />at its January session, 196~. <br /> <br /> <br />