1840-69 BorrowingForLandfill - Laserfiche WebLink

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BY-LAW NID4BER 1840 A BY-LAW AUTHORIZING THE BORROWING OF TEMPORARY ADVA~YCES PENDING THE PASSING OF A BY-LAW FOR THE ISSUANCE AND SALE OF D]~ENTUHES TO RAISE THE SUMS REQUIRED FOR THE FINANCING OF THE PURCHASE OF LAND FOR A SANITARY LANDFILL SITE AND I>IPR0~TS THERETO AND THE EQUIPMENT REQUIRED TO OPERATE THE SAID SITE FOR DISTRICT #2~ LOCATED IN THE TOWNSHIP OF GOSFIELD SOUTH IN THE COUNTY OF ESSEX. ICHEREAS, the Corporation of the County of Essex has been requested by the Municipalities forming District #2 of the Sanitary Landfill Projects of the County of Essex to raise the sum required for the purchase of land for a Sanitary Landfill Site and Improvements thereto and the equipment required to operate the said site for the District; AND %CHEREAS the Council of the Corporation of the County, by resolution, has approved the said request; AND WHEREAS BY ORDER dated Friday, July 25, 1969, The Ontario Municipal Board, pursuant to Section 64 of The Ontario Municipal Board Act, Chapter 27% R. S. 0. 1960, approved of the application of the Corporation of the County of Essex for the raising of the sum of $160,200.00 for the purpese of financing the purchase of land for a Sanitary Landfill Site and Improvements thereto for District #2, located in the Township of Gosfield South in the County of Essex, and has authorized the Corporation of the County of Essex for such purposes to pass all requisite by-laws, including by-laws providing for temporary advances for the issue and sale of debentures~ provided that the term of the debentures shall not exceed twenty (20} years, and provided that the said Corporation may borrow the M~ole or any part of the said s~ml of $160~200.00 as required pending receipt of monies from the sale of the debentures~ or of monies to be received from other sources; AND WHEREAS BY ORDER, dated Thursday, August 14~196% The Ontario Municipal Board, pursuant to Section 64 of The Ontario Municipal Board Act~ Chapter 274~ R. S. 0. 1960, approved of the application of the Corporation of the County of Essex for the raising the sum of $95,500.00 for the purpose of financing the purchase of the required equipment to operate the said Sanitary Landfill Site for District #2, located in the Township of Gosfield South in the County of Essex, and has authorized the Corporation of the County of Essex for such purposes to pass all requisite by-laws, including by-laws providing for temporary advances and for the issue and sale of debentures, provided that the term of the debentures shall not exceed ten (10) years, and provided that the said Corporation may borrow the whole and any part of the said sum of $95,500.00 as required pending receipt of monies from thc sale of the debentures~ or of monies to be received from other sources; AND I~4EREAS it is deemed expedient to borrow, as temporary advances pending the issue and sale of debentures, the sum of $255,700.00 for the purpose aforesaid. NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: (1) The Corporation shall borrow and does hereby authorize the borrowing from the Canadian Imperial Bank of Conmerce as temporary advances pendipg the issue and sale of debentures~ as above cited such advances as may be required but not exceeding a total of $255,700.00 on the terms and subject to the conditions set forth in this by-law.