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2158-75CountyExpenditures
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2158-75CountyExpenditures
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12/24/2012 10:29:10 AM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
1/22/1975
C - Council, Boards and By-laws - Department
Finance
C - Council, Boards and By-laws - Description
A by-law to authorize the borrowing of $3,000,000.00 to meet the current expenditures of the County of Essex for the year 1975.
C - Council, Boards and By-laws - Bylaw No
2158-75
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By-law
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BY-LAW NUMBER 2158 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $ 3,000,000.00 TO MEET <br />THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX FOR THE YEAR <br />1975. <br /> <br /> WHEREAS the Council of the Corporation of the County of <br />Essex (hereinafter called the "Municipality") deems it necessary to borrow the <br />sum of $ 3,000,000.00 to meet, until the taxes are collected, the current <br />expenditures of the municipality for the year. <br /> <br /> AND WHEREAS the total amount of the estimated revenues of <br />the municipality as set forth in the estimate adopted for the year 1974 was <br />$ 7,222,499.00. <br /> <br /> AND WHEREAS the total of amounts heretofore borrowed for <br />the purposes mentioned in subsection ( 1 ) of Section 332 of the Municipal Act <br />which have not been repaid is nil. <br /> <br />THEREFORE the Council of the County of Essex hereby enacts <br /> <br />as follows: <br /> <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 the Canadian Imperial Bank of Commerce a sum or sums not exceeding <br />in the aggregate $ 3,000,000.00 to meet until the taxes are collected the <br />current expenditures of the munici~tlity 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 pro- <br />missory note or notes sealed with the Corporate Seal and signed by the Head and <br />Treasurer for the moneys borrowed, with interest at such rate as may be agreed <br />upon from time to time with the bank. <br /> <br /> 2. Ail sums borrowed pursuant to the authority of this <br />by-law, as well as all other sums borrowed in this year and in previous years <br />from the said Bank for any or all of the purposes mentioned in the said Section <br />332, shall, with interest thereon, be a charge upon the whole or the revenues <br />of the municipality for the current year and for all preceding years as and <br />when such revenues are received. <br /> <br /> 3. The Treasurer is hereby authorized and directed to apply <br />in payment of all sums borrowed as aforesaid, together with interest thereon, <br />all of the moneys hereafter collected or received either on account or realized <br />in respect of taxes levied for the current year and preceding years or from <br />any other source which may lawfully be applied for such purposes. <br /> <br /> 4. Ail other by-laws inconsistent to this by-law are hereby <br />repealed. <br /> <br /> <br />
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