1964-71 BorrowMoneyTempAdvances - Laserfiche WebLink

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BY —LAW NUMBER 1964 40 A BY —LAW AUTHORIZING THE BORROWING OF MONEY BY WAY OF TEMPORARY ADVANCES PENDING THE ISSUE AND SALE OF THE DEBENTURES AUTHORIZED BY BY —LAW NUMBER 1957 WHEREAS the Council of the Corporation of the County of Essex has enacted its By —law Number 1957, passed on the 3rd day of March, 1971, duly authorizing the issue and sale of debentures for raising a sum not exceeding $537,000.00, for the following purpose, namely: to meet the expendi— tures for the addition to the Sun Parlor Home for Senior Citizens in the County of Essex; AND WHEREAS prior to the passing of the said By —law, the approval of the Ontario Municipal Board was first obtained, as evidenced by the Order # 2234 -71 of the said Board dated the 30th day of March , 1971. AND WHEREAS the Corporation desires to borrow money as temporary advances pending the issue and sale of the said debentures; NOW THEREFORE, The Council of the Corporation of the County of Essex hereby enacts as follows: 1. The Corporation agrees to borrow and doth hereby authorize the borrowing from the Bank of Montreal as temporary advances pending the issue and sale of the debentures above recited such sums as may be required but not exceed— ing a total of $537,000.00 on the terms and subject to the conditions set forth in this By —law. 2. Within the limit aforesaid and as moneys are required from time to time for the purpose above recited, the Warden and Treasurer, acting on behalf of the Corporation, are hereby authorized to borrow moneys from the said Bank for the said purpose pending the issue and sale of the debentures authorized as aforesaid and to sign and deliver to the said Bank such promissory note or notes as may be required for the repayment of the moneys borrowed at such time or times and at such rate of interest as may be agreed upon from time to time with the said Bank, and to affix the corporate seal of the Corporation to such promissory note or notes. 3. The Warden and Treasurer are hereby authorized to assign and pledge the said debentures to the said Bank upon the issue thereof to be held by the said Bank as collateral security for all moneys borrowed under this By —law and interest thereon and to assign to the said Bank the moneys growing due from the sale of the said debentures; and the proceeds of the sale of the said debentures, or so much thereof as may be necessary, shall be paid to the said Bank in satisfaction of the moneys borrowed under this By —law and interest thereon. Passed this 14th day of April , 1971. lst reading— Apr.14 /71 2nd reading— Apr.14 /71 3rd reading— Apr.14 /71 Robert Pulleyblank, W d en — d. . . ..._.___.,