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BY-LAir Nb~(BE~ 1678 <br /> <br />A BY-LAir OF THE COUNTY OF ESSEX TO RAISE A LOAN TO <br />~'~EE~ T~.~ CURRENT EXPENDITURES OF THE COUNTY 'OF ESSEX <br />ROA~ SYSTEM FOR THE YEAR 1967. <br /> <br /> WHEREAS it has been expedient and necessary <br />to raise by way of a loan the sum of nine hundred and fifty <br />thousand dollars ($950,000.00) required to meet the current <br />expenditures of the County of Essex ~oad System during the <br />year 1967. <br /> <br /> BE IT THEREFORE'enacted by the Municipal <br />Council of the Corporation of the County of Essex as <br />follows': <br /> <br /> 1. That it shall and may be lawful for the <br />Corporation of the County of Essex to borrow from a <br />chartered bank or banks the sum of nine hundred and fifty <br />thousand dollars ($950,000.00) for the purpose aforementioned <br />to meet the current expenditures of the County Road System <br />for the year 1967 by demand notes at the rate of six per <br />centum (6%) per annmm. <br /> <br /> 2. The ~farden and Treasurer of the County of <br />Essex be and they are hereby authorized to enter into <br />agreements to carry into effect the said loan. <br /> <br /> 3. That all and any revenues of the Corpora- <br />tion are ~ereby charged with repa~aent of all monies borrowed <br />under ~he authority of this by-law and the said chartered <br />bank or banks are. hereby declared to have a lien upon all <br />the said revenues until the loan created under the authority <br />of this by-law is fully satisfied. <br /> <br /> g. That the Treasurer is hereby authorized <br />and directed to apply as much of the revenues of the Corp- <br />oration as may be necessary in payment of the obligations <br />of the Corporation created aforesaid. <br /> <br /> Ail other by-laws inconsistent to this by-law <br />are hereby repealed. <br /> <br /> This by-law shall come into force and tak~ <br />effect as of the 1st day of January, 1967. <br /> <br /> Finally passed in open council this llthday <br />of January, 1967. <br /> <br />!st reading- J~n.ll/67 <br />2nd reading- J~n.ll/67 <br />5rd reading- J~n.ll/67 <br /> <br />CLERK'S C~RTIFICA.~ <br /> <br /> I., C. A. Keeley, Clerk of the Corporation <br />of the County of Essex, do hereby certify that the foregoing <br />is a true and correct copy of By=law N~mber 1678 read in <br />the open Council of the County of Essex the necessary times <br /> and finally passed at its January/~ssion, 1967. <br /> <br /> <br />