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i <br />BY -LAW NUMBER 2043 <br />A BY -LAW TO AUTHORIZE THE BORROWING OF $1,500,000.00 TO MEET <br />THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX 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 />enacts as follows: <br />THEREFORE the Council of the County of Essex hereby <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 <br />promissory note from Canadian Imperial Bank of Commerce a sum or sums <br />not exceeding in the aggregate $1,500,000,00 to meet until the taxes are <br />collected the current expenditures of the municipality for the year, includ- <br />ing the amounts required for the purposes mentioned in subsection (1) of <br />Section 332 of the Municipal Act, and to give on behalf of the municipality <br />to the bank a promissory note or notes sealed with the Corporate Seal and <br />signed by the Head and Treasurer for the moneys so borrowed, with interest <br />at such rate as may be 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 whole <br />or the revenues of the municipality for the current year and for all preceding <br />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 <br />hereby repealed. <br />5. This by -law shall come into force and take effect <br />as of the lst day of January, 1973. <br />PASSED this 17th day of <br />January, 1973.- <br />CLERK'S CERTIFICATE <br />1, C. A. Keeley, Clerk of the Co oration of the County <br />of Essex, do hereby certify that the foregoing is a true and correct copy <br />of By -law Number 2043 of the County of Essex in the Province of Ontario, <br />duly passed at a meeting of the Council of the said Municipality duly held, <br />and that the said By -law is in full force and effect. _ <br />of Essex. <br />DATED this 17th day of January, 1973. <br />AS WITNESS the Seal of the Corporation of.the County <br />