Laserfiche WebLink
t <br />BY —LAW NUMBER 2003 <br />A BY —LAW TO AUTHORIZE THE BORROWING OF $1,500,000.00 <br />TO MEET THE CURRENT EXPENDITURES OF THE COUNTY OF <br />ESSEX 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 $1,500,000.00 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 <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 bee repaid is $ nil. <br />THEREFORE the Council of the County of Essex hereby enacts <br />as follows: <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 <br />the 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 whole <br />or the revenues of the Municipality for the current year and for all preced— <br />ing 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 account <br />or realized in respect of taxes levied for the current year and preceding <br />years or from any other source which may lawfully 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 />12th day of January, 1972. <br />