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BY -LAW NUMBER 2042 <br />A BY -LAW TO AUTHORIZE THE BORROWING OF $1,500,000.00 TO MEET <br />THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD SYSTEM <br />FOR THE YEAR 1973. <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 />1972 is $6,478,920.00 <br />AND WHEREAS the total of amounts heretofore borrowed <br />for 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 <br />on 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 in <br />the aggregate $1,500,000.00 to meet, until the taxes are collected the current <br />expenditures of the municipality for the year, including the amounts required <br />for the purposes mentioned in Subsection (1) of Section 332 of the Municipal <br />Act, and to give on behalf of the municipality to the bank a promissory <br />note or notes sealed with the Corporate Seal and signed by the Head and <br />Treasurer for the moneys so borrowed, with interest at such rate as may be <br />agreed upon from time to time with the bank. <br />2. All sums borrowed pursuant to the authority of <br />this 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 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 />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 <br />as of the lst day of January, 1973. <br />PASSED THIS 17thday of <br />CLERK'S CERTIFICATE <br />January, 1973. , <br />I, C. A. Keeley,Clerk of the Corporation of the County <br />of Essex, do hereby certify that the foregoing is a true and correct copy <br />of By -law Number 2042 duly passed at a meeting of the Council of the said <br />Municipality duly held, and that the said By -law is in full force and effect. <br />DATED THIS 17th day of January, 1973. <br />AS WITNESS the Seal gam• he r ration of the Cou of <br />Essex. <br />o ejur}Qy of 485ex, <br />�I_ <br />