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BY-LAW iV~MBER 1844 <br /> <br />A BY-LAW AUTHORIZING THE BORROWING OF TEMPORARY ADVANCES <br />PENDING THE PASSING OF A BY-LAW FOR THE ISSUANCE AND SALE <br />OF DEBENTURES TO RAISE THE SUMS REQUIRED FOR THE FINANCING <br />OF THE PURCHASE OF LAND FOR A SANITARY LANDFILL SITE AND <br />IMPROVEMENTS THERETO AND THE EQUIPMENT REQUIRED TO OPERATE <br />THE SAID SITE FOR DISTRICT #1~ LOCATED IN THE TOWNSHIP OF <br />COLCHESTER NORTH IN THE COUNTY OF ESSEX. <br /> <br /> WHEREAS~ the Corporation of the County of Essex has been <br />requested by the Municipalities forming District #1 of the Sanitary <br />Landfill Projects of the County of Essex to raise the sum required for <br />the purchase of land for a Sanitary Landfill Site and Improvements thereto <br />and the equipment required to operate the said site for the District; <br /> <br /> AND WHEREAS the Council of the Corporation of the County~ <br />by resolution, has approved the said request; <br /> <br /> AND WHEREAS BY ORDER,dated Thursday, September 4~ 1969~ <br />The Ontario Municipal Board~ pursuant to Section 64 of The Ontario Municipal <br />Board Act~ Chapter 274~ R. S. 0. 1960~ approved of the application of the <br />Corporation of the County of Essex for the raising of the sum of $169~000.00 <br />for the purpose of f~mncing the purchase of land for a Sanitary Landfill <br />Site and Improvements thereto for District #1~ located in the Township of <br />Colchester North in the County of Essex~ and has authorized the Corporation <br />of the County of Essex for such purposes to pass all requisite by-laws~ <br />including by-laws providing for temporary advances for the issue and sale <br />of debentures~ provided that the term of the debentures shall not exceed <br />twenty (20) years~ and provided that the said Corporation may borrow the <br />whole or any part of the said sum of $169~000.00 as required pending receipt <br />of monies from the sale of the debentures~ or of monies to be received from <br />other sources; <br /> <br /> AND WHEREAS BY 0RDER~ dated Thursday~ September 4~ 1969~ <br />The Ontario Municipal Board~ pursuant to Section 64 of The Ontario <br />Municipal Board Act~ Chapter 274~ R. S. 0. 1960~ approved of the application <br />of the Corporation of the County of Essex for the raising of the smn of <br />$95~300.00 for the purpose of financing the purchase of the required <br />equipment to operate the said Sanitary Landfill Site for District #1~ <br />located in the Township of Colchester North in the County of Essex~ and <br />has authorized the Corporation of the County of Essex for such purposes <br />to pass all requisite by-laws~ including by-laws providing for temporary <br />advances and for the issue and sale of debentures, provided that the term <br />of the debentures shall not exceed ten (10) years, and provided that the <br />said Corporation may berrow the whole and any part of the said sum of <br />$95~300.00 as required pending receipt of monies from the sale of the <br />debentures~ or of monies to be received from other sources; <br /> <br /> AND WHEREAS it is deemed expedient to borrow~ as temporary <br />advances pending the issue and sale of debentures~ the sum of $210~300.00 <br />for the purpose aforesaid. <br /> <br /> NOW THEREFORE the Council of the Corporation of the <br />County of Essex enacts as follows: <br /> <br /> (1) The Corporation shall borrow and does hereby <br />authorize the borrowing from the Canadian Imperial Bank of Commerce as <br />temporary advances pending the issue and sale of debentures~ as above <br />cited such advances as may be required but not exceeding a total of <br />$210,300.00 on the terms and subject to the conditions set forth in this <br />by-law. <br /> <br /> <br />