1936-71 CntyBorrow$1million - Laserfiche WebLink

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i 0 BY —LAW NUMBER 1936 A BY —LAW TO AUTHORIZE THE BORROWING OF $1,000,000.00 TO MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX FOR THE YEAR 1971. WHEREAS the Council of the Corporation of the County of Essex (hereinafter called "the Municipality ") deems it necessary to borrow the sum of $1,000,000.00 to meet, until the taxes are collected, the current expenditures of the Municipality for the year; AND WHEREAS the total amount of the estimated revenues of the Municipality as set forth in the estimates adopted for the year 1970, is $5,336,827.00; AND WHEREAS the total of amounts heretofore borrowed for the purposes mentioned in subsection (1) of Section 329 of The Municipal Act which have not been repaid is $158,000.00; THEREFORE the Council of the County of Essex hereby enacts as follows: 1. The Head and the Treasurer are hereby authorized on behalf of the Municipality to borrow from time to time by way of promissory note from Canadian Imperial Bank of Commerce a sum or sums not exceeding in the aggregate $1,000,000.00 to meet until the taxes are collected the current expenditures of the Municipality for the year, including the amounts required for the purposes mentioned in subsection (1) of Section 329 of the Municipal Act, and to give on behalf of the Munici— pality to the bank a promissory note or notes sealed with the Corporate Seal and signed by the Head and Treasurer for the moneys so borrowed, with interest at such rate as may be agreed upon from time to time with the Bank. 2. All sums borrowed pursuant to the authority of this by —law, as well as all other sums borrowed in this year and in previous years from the said Bank for any or all of the purposes mentioned in the said Section 329, shall, with interest thereon, be a charge upon the whole or the revenues of the Municipality for the current year and for all preceding years as and when such revenues are received. 3. The Treasurer is hereby authorized and directed to apply in payment of all sums borrowed as aforesaid, together with interest thereon, all of the moneys hereafter collected or received either on account or realized in respect of taxes levied for the current year and preceding years or from any other source which may lawfully be applied for such purpose. 4. All other by —law inconsistent to this by —law are hereby repealed. 5. This by —law shall come into force and take effect as of the 1st day of January, 1971. PASSED this /day of - , 1971. (SEAL) Clerk.