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BY-LA~ NUMbeR 1550 <br /> <br />A BY-LA~:! OF THE COUNTY OF ESSEX TO RAISE'A LOAN .TO BeET ~!E C[~R. ENT EXPE~DI~RES <br />OF THE COUNTY OF ESSF~ ROAD SYSTEM FOR. THE YEAR 1965. <br /> <br /> ~TERF~S it has been expedient and necessary to raise by way of a loan <br />the sum of Nine Hundred and Fifty Thousand Dollars ($950,000.00) required to <br />meet the current expenditures of the County of Essex Road System during the year <br />1965. <br /> <br /> BE IT THEREFORE ENACTED by the Municipal Council of the Corporation <br />of the County of Essex as follows: <br /> <br /> 1. That it shall and may be lawful for the Corporation of the Co~nty <br />of Essex to borrow from an chartered bank or banks the sum of Nine Hundred and <br />Fifty Thousand Dollars ($950,000.00) for the purpose aforementioned to meet the <br />current expenditures of the County Road System for the year 1965 by demand notes <br />at the rate of Five and Three-Quarters per centum (5~) per annum. <br /> <br /> 2. The Warden and Treasurer of the County of Essex be and they are <br />hereby authorized to enter into agreements to carry into effect the said loan. <br /> <br /> 3- That all and any revenues of the Corporation are hereby charged <br />with repayment of all monies borrowed under the authority of this by-law and <br />the said chartered bank or banks are hereby declared to have a Lien upon all the <br />said revenues untilthe loan created under the authority of this by-law is <br />fully satisfied. <br /> <br /> 4. That the Treasurer is hereby authorized and directed to apply as <br />much of the revenues of the Corporation as may be necessary in payment of the <br />obligations of the Corporation created aforesaid. <br /> <br />All other by-laws inconsistent to this by-law are hereby repealed. <br /> <br /> This by-law shall come into ~orce and take effect as of the 1st day <br />of January, 1965. ~ <br /> <br /> Passed this day of January, 1965 in open Council <br /> <br /> ,Warden ~!~~ , <br />CLERK ~S CERTIFICATE <br /> <br />Clerk <br /> <br /> I, C. A. Eeeley, Clerk of the Corporation of the~County of Essex do <br />hereby certify that the foregoing is a true and correct copy of by-law 1550 <br />read in the open Council of the County of Essex the necessary times and finally <br />passed at its January Session, 1965. <br /> <br /> · A. Kelley <br /> Clerk <br />County of Essex <br /> <br /> <br />