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BY-LAW NUMBER 15~7 <br /> <br />A BY-LAW OF THE COUNTY OF ESSEX TO RAISE A LOAN TO MEET THE CURRENT <br />EXPENDITURES OF THE COUNTY OF ESSEX FOR THE YEAR 196~. <br /> <br /> WHEREAS it has been deemed expedient and necessary to <br />raise by way of a supplementary loan of Three Hundred Thousand <br />Dollars ($300,000.00~ required to meet the current expenditures <br />for the County of Essex for the year 196~. <br /> <br /> BE IT THEREFORE ENACTED by the Municipal Council of the <br />Corporation of the County of Essex to borrow from the chartered <br />bank or banks the sum of Three Hundred Thousand Dollars ($300,000.00) <br />for the purpose afore-mentioned to meet the current expenditures for <br />the year 19~ by demand notes at the rate of Five and Three-Quarters <br />per centum (5~) per annum. <br /> <br /> 2. That the Warden and Treasurer of the County of Essex <br />be and they are hereby authorized to enter into necessary agree- <br />ments to carry into effect the said loan. <br /> <br /> 3. That all and any revenues of the Corporation are <br />hereby charged with payment 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 loan <br />created under the authority of this by-law is fully satisfied. <br /> <br /> ~. That the Treasurer is hereby authorized and directed <br />to apply so much of the revenues of the Corporation as may be <br />necessary in payment of the obligations of the Corporation created <br />as aforesaid. <br /> <br /> This by-law shall come into force and take effect as of <br />the 18th day of November, 196~. <br /> <br /> Ail other by-laws inconsistent of this by-law are hereby <br />repealed. <br /> <br />Passed in open Council this 18th day of November, 196~. <br /> <br />R. A. Van den Brande <br /> <br />1st reading-- <br />2nd reading-- <br />3rd reading-- <br /> <br /> <br />