1679-67 RaiseALoan1967 - Laserfiche WebLink

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BY-LAW NUMBER 1679 A BY-LAW OF THE COUNTY OF ESSEX TO RAISE A LOAN TO MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX FOR THE YEAR 1967. WHEREAS it has been deemed expedient and necessary~to raise a loan of seven hundred thousand dollars (~700,000.00) required to meet the current expenditures for the County of Essex for the year 1967. BE IT THEREFORE enacted by The Municipal Council of the Corporation of the County of Essex as follows: 1. That it shall and may be lawful for the Corporation of the County of Essex to borrow from the chartered bank or banks the sum of seven hundred thousand dollars ($700,000.00) for the purpose aforementioned to meet the current expenditures for the ~ear 1967 by demand notes at the rate of six per centum (6~) per annum. 2. That the Warden and Treasurer of the County of Essex be and they are hereby authorized to enter into necessary agreements to carry into effect the said loan. 3. That all and any revenues of the Corpora- tion are hereby charged with payment of all monies borrowed under the authority of this by-law and the said chartered bank or banks are hereby declared to have a lien upon all the said revenues until the loan created under the authority of this by-law is fully satisfied. 4. That the Treasurer is hereby authorized and directed to apply so much of the revenues of the Corporation as may be necessary in payment of the obliga- tions of the Corporation created as foresaid. This by-law shall come into force and take effect as of the 1st day of January, 1967. Passed in open Council this llth day of January, 1967. 1st reading-Jan .11/67 2nd reading-~an. 11/67 3rd reading-Jan. 11/67 CLERK' $ CERTIFICATE I, C. A. Keeley, Clerk of the Corporation of the County of Essex, do hereby certify that the fore- going is a true and correct copy of By-law Number 1679 read in open Council of the County of Essex the necessary times and finally passed at its January~ Sessionj1967.