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BY-LAW NUMBER 1896 <br /> <br />A BY-LAW AUTHORIZING THE BORRO~iNG OF TLwtPORARY ADVANCES <br />P~NDING 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 />]2qPROVEMENTS THERETO kND THE EQUIPMENT REQUIRED TO OPERATE <br />THE SAID sITE FOR DISTRICT #3~ LOCATED IN THE TOWNSHIP OF <br />MAIDSTONE IN THE COUNTY OF ESSEX. <br /> <br /> WHERKiS, the Corporation of the County of Essex has <br />been requested by the municipalities forming District #3 of the Sanita~T <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 equitanent required to operate the said site for the District; <br /> AND WHFaREAS the Council of the Corporation of the <br />County, by resolution, has approved the said request; <br /> <br /> AND WHEREAS BY ORDER, dated Wednesday, March 18, <br />1970~ The Ontario Municipal Board, pursuant to Section 64 of The Ontario <br />Municipal Board Act, Chapter 274, R. S. O. 1970~ approved of the application <br />of the Corporation of the County of Essex for the raising of the sum of <br />$146,000.00 for the purpose of financing the purchase of land for a Sanitary <br />Landfill Site and Improvements thereto for District #3~ located in the <br />Township of Maidstone in the County of Essex, and has authorized the Corpora- <br />tion of the County of Essex for such purposes Zo pass all requisite by-laws~ <br />including by-laws providing for temporary advances for the issue and sale of <br />debentures, provided that the term of the debentures shall not exceed twenty <br />(20) years, and provided that the said Corporation may borrow the whole or <br />any part of the said sum of $146,000.00 as required pending receipt of monies <br />from the sale of the debentures, or of monies to be received from other <br />sources; <br /> <br /> A_ND WHEREAS BY 0RDER~ dated Wednesday~ March 18~ <br /> 1970~ The Ontario Municipal Board, pursuant to Section 64 of The Ont- <br /> ario Municipal Board Act, Chapter 274~ R. S.. O. 1960, approved of the <br /> application of the Corporation of the County of Essex for the raising <br /> of the sum of $19,000.00 for the purpose of financing the purchase of the <br /> required equipment to operate the said Sanitary Landfill Site for District <br /> #3~ located in the Township of Maidstone in the County of Essex, and has <br /> authorized the Corporation of the County of Essex for such purposes to <br /> pass all requisite by-laws, including by-laws providing for temporary <br /> advances and for the issue and sale of debentures, provided that the <br /> term of the debentures shall not exceed ten (10) years, and provided <br /> that the said Corporation may borrow the whole and any part of the <br /> said sma of $95,300.00 as required pending receipt of monies from the <br /> sale of the debentures, or of monies to be received from other sources; <br /> <br /> AND I~HEREAS it is deemed expedient to borrow~ <br />as temporary advances pending the issue and sale of debentures, the sum <br />of $165~000.00 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 Conmerce as <br />temporary advances pending the issue and sale of debentures, as above <br />cited such advances as may be required bdt not exceeding a total of <br />$165,000.00 on the terms and subject to the conditions set forth in this <br />by-law. <br /> <br /> <br />