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BY-LAW NU~ER 1879 <br /> <br />A BY-LAW OF THE COUNTY OF ESSEX TO RAISE A LOAN TO MEET THE <br />CURRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD SYSTEM FOR <br />THE YEAR 1970. <br /> <br />Dollars <br /> <br /> WHEREAS it has been expedient and necessary to <br />raise byway of a loan the sum of One Million, and Five Hundred Thousand <br />( $1,500,000.00 ) required to meet the current expenditures of the <br />County of Essex Road System during the year 1970. <br /> <br /> BE IT THEREFORE enacted by the Municipal Council <br />of the 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 a chartered bank or banks the <br />sum of One Million,Five Hundred Thousand Dollars ( $1,$00,000.00 <br />for the purposes aforementioned to meet the current expenditures of <br />the County Road System for the year 1970 by demand notes at the rate <br />of interest prevailing at the time of the borrowing of the required <br />money. <br /> <br /> 2. The Warden and Treasurer of the County of Essex <br />be and they are hereby authorized to enter into agreements to carry <br />into effect the said loan. <br /> <br /> 3. That all and any revenues of the Corporation are <br />hereby charged with repa3mmnt of all monies borrowed under the <br />authority of this by-law and the said chartered bank or banks are <br />hereby declared to have a lien upon all the said revenues until the <br />loan created under the authority of this by-law is fully satisfied. <br /> <br /> 4. That the Treasurer is hereby authorized and <br />directed to apply as much of the revenues of the Corporation as may <br />be necessary in payment of the obligations of the Corporation created <br />aforesaid. <br /> <br /> All other by-laws inconsistent to this by-law are <br />hereby repealed. <br /> <br /> This by-law shall come into force and take effect <br />as of the 1st day of January~ 1970. <br /> <br />January, 1970. <br /> <br />Finally passed in open C~unc~il this <br /> <br />1st reading- 1-14-70 <br />2nd reading-/-/~-yO <br />3rd readingy_/¢Z_7~ <br /> <br /> 14th day of <br /> <br />CLERK'S CERTIFICATE <br /> <br /> I, C. A. Keeley, Clerk of the Corporation of the <br />County of Essex, do hereby certify that the foregoing is a true and <br />correct copy of By-law Number 1879 read in open Council the necessary <br />times and finally passed at~----its January, 1970 Session. <br /> <br /> Corporation o!~th~County of Essex <br /> <br /> <br />