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� t <br />SUPPLEMENTARY BY -LAW NUMBER 1936A <br />A BY -LAW TO AUTHORIZE THE BORROWING OF $500,000.00 TO <br />MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX <br />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 $500,000.00 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 <br />for 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 <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 $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 <br />of the Municipal Act, and to give on behalf of the <br />Municipality to the bank a promissory note or notes <br />sealed with the Corporate Seal and signed by the <br />Head and Treasurer for the money so borrowed, with <br />interest at such rate as may be agreed upon from time <br />to time 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 which <br />may lawfully be applied for such purpose. <br />4. All other by -law inconsistent to this by -law are hereby <br />repealed. <br />5. This by -law shall come into force and take effect as <br />of the lst day of November , 1971. <br />PASSED this 3rd day of November . 19-111- <br />