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2002-72 $1.5MforRoads
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2002-72 $1.5MforRoads
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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 $1,500,000.00 to meet the current expenditures of the county of Essex road system for the year 1972.
C - Council, Boards and By-laws - Bylaw No
2002-72
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By-law
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BY —LAW NUMBER 2002 <br />A BY —LAW TO AUTHORIZE THE BORROWING OF $1 TO MEET <br />THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD SYSTEM <br />FOR THE YEAR 1972. <br />WHEREAS the Council of the Corporation of the County <br />of Essex (hereinafter called the "Municipality ") deems it necessary to <br />borrow the sum of $1,500,000.00 to meet, until the taxes are collected, <br />the 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 <br />1971, is $6 <br />AND WHEREAS the total of 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 />as follows: <br />THEREFORE the Council of the County of Essex hereby enacts <br />1. The Head and the Treasurer are hereby authorized on <br />behalf of the Municipality to borrow from time to time by way of promissory <br />note from Canadian Imperial Bank of Commerce a sum or sums not exceeding <br />in the aggregate $1,500,000.00 to meet,until the taxes are collected the <br />current expenditures of the Municipality for the year, including the amounts <br />required for the purposes mentioned in Subsection (1) of Section 332 of the <br />Municipal Act, and to give on behalf of the Municipality to the Bank a <br />promissory note or notes sealed with the Corporate Seal and signed by the <br />Head and Treasurer for the moneys so borrowed, with interest at such rate <br />as may be agreed 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 year and in previous <br />years from the said Bank for any or all of the purposes mentioned in the <br />said Section 332, shall, with interest thereon, be a charge upon the <br />whole or the revenues of the Municipality for the current year and for all <br />preceding years as and when such revenues are received. <br />3. The Treasurer is hereby authorized and directed to <br />apply in payment of all sums borrowed as aforesaid, together with interest <br />thereon, all of the moneys hereafter collected or received either on <br />account or realized in respect of taxes levied for the current year and <br />preceding years or from any other source which may lawfully be applied <br />for such purpose. <br />hereby repealed. <br />4. All other by —laws inconsistent to this by —law are <br />5. This by —law shall come into force and take effect as <br />of the lst day of January, 1972. <br />PASSED this 12th <br />r <br />
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