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BY-LAW NUMBER 15~6 <br /> <br />A BY-LA~? OF THE COUNTY OF ESSEX TO RAISE A LOA~I TO MEET THE <br />CURRENT EXPENDITURES OF 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 supplementary loan the sum of Five Hundred Thousand <br />Dollars ($500,000.00) required to meet the current expenditures <br />of the County of Essex Road System during the year 196g. <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 Corporation <br />of the County of Essex to borrow from a chartered bank or banks <br />the sums of Five Hundred Thousand Dollars ($500,000.00) for the <br />purpose aforementioned to meet the current expenditures of the <br />County Road System for the year 196g by demand notes at the rate <br />of Five and Three-Quarters per centum (5~%) per annwn. <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 supplementary loan. <br /> <br /> 3. That all and any revenues of the Corporation are <br />hereby charged with repa~nent 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 supplementary 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 nec- <br />essary in payment of the obligations of the Corporation created <br />aforesaid. <br /> <br /> This By-law shall come into force and take effect as of <br />the 18th day of November, 196~. <br /> <br />Passed this lSth day of November, 196~ in o~e~' C~uncil. <br /> <br /> ~ ~ , Warden <br /> <br /> R. A. Van den Brande <br /> <br />1st reading-- <br />~nd rea ding-- ~/~u~F~ <br />}rd rea di ng--~/~/~ <br /> <br /> <br />