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2001-72 Borrow$300KforSunParlor
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2001-72 Borrow$300KforSunParlor
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12/24/2012 10:29:09 AM
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6/10/2004 1:30:09 PM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
1/12/1972
C - Council, Boards and By-laws - Department
Finance
C - Council, Boards and By-laws - Description
A bylaw to authorize the borrowing of $300,000.00 to meet the current expenditures of the Sun Parlor home for senior citizens the year 1972.
C - Council, Boards and By-laws - Bylaw No
2001-72
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By-law
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I - • IF <br />BY —LAW NUMBER 2001 <br />A BY —LAW TO AUTHORIZE THE BORROWING OF $300 <br />TO MEET THE CURRENT EXPENDITURES OF THE SUN PARLOR <br />HOME FOR SENIOR CITIZENS FOR THE YEAR 1972. <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 $300,000.00 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 <br />1971, is $6,093,050.00 <br />AND WHEREAS the total amounts heretofore borrowed for <br />the purposes mentioned in subsection (1) of Section 332 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 the 'Bank of <br />Montreal ", a sum or sums not exceeding in the aggregate <br />$300,000.00 to meet until the taxes are collected the <br />current expenditures of the Municipality for the year, <br />including the amounts required for the purposes mentioned <br />in subsection (1) of Section 332 of the Municipal Act, <br />and to give on behalf of the Municipality to the Bank <br />a promissory note or notes sealed with the Corporate <br />Seal and signed by the Head and Treasurer for the moneys <br />so borrowed, with interest at such rate as may be agreed <br />upon from time 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 />332, shall, with interest thereon, be a charge upon <br />the whole of 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 here— <br />after collected or received either on account or realized <br />in respect of taxes levied for the current year and pre— <br />ceding years or from any other source which may lawfully <br />be applied for 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 <br />of the 1st day of January, 1972. <br />PASSED this <br />1st reading - <br />2nd reading - <br />3rd reading— <br />Jan.12 /72 <br />Jan.12 /72 <br />Jan.12 /72 <br />12th day of January, 1972. <br />
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