Laserfiche WebLink
SUPPLEMENTARY BY —LAW NUMBER 1932A <br />A BY —LAW TO AUTHORIZE THE BORROWING OF $100,000.00 TO <br />MEET THE CURRENT EXPENDITURES OF THE SUN PARLOR HOME <br />FOR SENIOR CITIZENS FOR THE YEAR 1971. <br />WHEREAS the Council of the Corporation of the County of <br />Essex (hereinafter called the "Municipality ") deems it necessary to borrow <br />the sum of $100,000.00 to meet, until the taxes are collected, the current <br />expenditures of the Municipality for the year; <br />AND WHEREAS the total amount of the estimated revenues <br />of the Municipality as set forth in the estimates adopted for the year 1971, <br />is $6,093,050.00; <br />AND WHEREAS the total of amounts heretofore borrowed for <br />the purposes mentioned in subsection (1) of Section 329 of The Municipal <br />Act which have not been repaid is nil. <br />THEREFORE the Council of the County of Essex hereby enacts <br />as follows: <br />1. The Head and the Treasurer are hereby authorized on <br />behalf of the Municipality to borrow from time to <br />time by way of promissory note from the Bank of Montreal <br />a sum or sums not exceeding in the aggregate $100,000.00 <br />to meet until the taxes are collected the current expendi— <br />tures of the Municipality for the year, including the <br />amounts required for the purposes mentioned in subsection <br />(1) of Section 329 of the Municipal Act, and to give on <br />behalf of the Municipality to the Bank a promissory note <br />or notes sealed with the Corporate Seal and signed by the <br />Head and Treasurer for the moneys so borrowed, with interest <br />at such rate as may be agreed upon from time to time with <br />the Bank. <br />2. All suns borrowed pursuant to the authority of this <br />by —law, as well as all other sums borrowed in this year <br />and in previous years from the said Bank for any or <br />all of the purposes mentioned in the said Section 329, <br />shall, with interest thereon, be a charge upon the whole <br />of the revenues of the Municipality for the current year <br />and for all precelding years as and when such revenues are <br />received. <br />3. The Treasurer is hereby authorized and directed to apply <br />in payment of all sums borrowed as aforesaid, together <br />with interest hereon, all of the moneys hereafter collected <br />or received either on account or realized in respect of <br />taxes levied for the current year and preceding years or <br />from any other source which may lawfully be applied for <br />such purpose. <br />4. All other by —laws inconsistent to this by —law are hereby <br />repealed. <br />5. This by —law shall come into force and take effect as of <br />the 1st day of November, 1971. <br />PASSED this 3rd day of November , 19,71. <br />Robert PyJJ�y�lan, °rden <br />