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BY-LAW NUMBER 1607 <br /> <br />A BY-LAW OF ~{E COUNTY OF ESSEX TO RAISE A LOAN TO MEET THE <br />CURRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD SYSTEM FOR <br />THE YEAR 1966. <br /> <br /> WHEREAS it has been expedient and necessary to raise by <br />way of a loan the sum of Nine Hundred and Fifty Thousand Dollars <br />($950,000.00) required to meet the current expenditures of the <br />County of Essex Road System during the year 1966. <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 <br />of the County of Essex to borrow from any chartered bank or banks <br />the sum of Nine Hundred and Fifty Thousand Dollars ($950,000.00) <br />for the purpose aforementioned to meet the current expenditures <br />of the County Road System for the year 1966 by demand notes at <br />the rate of Five and Three-Quarters per centum (5~/4%) 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 to <br />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 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 loan created under the authority of this by-law is <br />fully satisfied. <br /> <br /> 4. 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 created <br />aforesaid. <br /> <br /> Ail other by-laws inconsistent to this by-law are hereby <br />repealed. <br /> <br /> This by-law shall come into force and take effect as of <br />the 1st day of January, 1966. <br /> <br /> Passed this/f~day of January, 1966 in open Council. <br /> / <br /> <br />CLERK'S CERTIFICATE <br /> <br /> I, C. A. Kee~y, Clerk of the Corporation of th_=County <br />of Essex do hereby certify that the foregoing is a true and <br />correct copy of by-law 1607 read in the open Council of the <br />County of Essex the necessary times and finally passed at its <br />January Session, 1966. <br /> <br /> Clerk <br /> County of Essex <br /> <br /> <br />