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BY —LAW NUMBER 1934 <br />A BY —LAW TO AUTHORIZE THE BORROWING OF $1,500 TO <br />MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD <br />SYSTEM FOR THE YEAR 1971. <br />WHEREAS THE Council of the Corporation of the County <br />of Essex (hereinafter called the "Municipality ") deems it necessary to borrow <br />the sum of $1,500,000.00 to meet, until the taxes are collected, the <br />current 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 1970, <br />is $5036 <br />AND WHEREAS the total of amounts heretofore borrowed for <br />the purposes mentioned in subsection (1) of Section 329 of The Municipal Act <br />which have not been repaid is $158,000.00; <br />THEREFORE the Council of the County of Essex hereby <br />enacts 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 Canadian Imperial <br />Bank of Commerce a sum or sums not exceeding in the <br />aggregate $1,500,000.00 to meet until the taxes are <br />collected the current expenditures of the Municipality <br />for the year, including the amounts required for the <br />purposes mentioned in subsection (1) of Section 329 of <br />the Municipal Act, and to give on behalf of the Munici— <br />pality to the Bank a promissory note or notes sealed <br />with the Corporate Seal and signed by the Head and <br />Treasurer for the moneys so borrowed, with interest <br />at such rate as may be agreed upon from time to time <br />with the Bank. <br />2. All sums borrowed pursuant to the authority of this <br />by—law, as well as all other sums borrowed in this <br />year and in previous years from the said Bank for any <br />or all of the purposes mentioned in the said Section <br />329, shall, with interest thereon, be a charge upon <br />the whole or the revenues of the Municipality for the <br />current year and for all preceding years as and when <br />such revenues are received. <br />3. The Treasurer is hereby authorized and directed to <br />apply in payment of all sums borrowed as aforesaid, <br />together with interest thereon, all of the moneys <br />hereafter collected or received either on account or <br />realized in respect of taxes levied for the current <br />year and preceding years or from any other source <br />which may lawfully be applied for such purpose. <br />4. All other by —laws inconsistent to this by —law are <br />hereby repealed. <br />5. This by —law shall come into force and take effect as <br />of the 1st day of January, 1971. <br />PASSED THIS day of `, 19-71. <br />a, <br />