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2159-75SPHExpenditures
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2159-75SPHExpenditures
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12/24/2012 10:20:33 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
Sun Parlor Home
C - Council, Boards and By-laws - Description
A by-law to authorize the borrowing of $300,000.00 to meet the current expenditures of the Sun Parlor Home for Senior Citizens for the year 1975.
C - Council, Boards and By-laws - Bylaw No
2159-75
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By-law
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BY-LAW NUMBER 2159 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $ 300,000.00 TO MEET THE <br />CURRENT EXPENDITURES OF THE SUN PARLOUR HOME FOR SENIOR CITIZENS <br />FOR THE YEAR 1975. <br /> <br /> WHEREAS the Council of the Corporation of the County of Essex <br />(hereinafter called the "Municipality") deems it necessary to borrow the sum of <br />$ 300,000.00 to meet, until the taxes are collected, the current expenditures of <br />the Municipality for the year; <br /> <br /> AND WHEREAS the total amounts heretofore borrowed for the <br />purposes mentioned in subsection ( 1 ) of Section 332 of The Municipal Act which <br />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 behalf <br />of the Municipality to borrow from time to time by way of promissory note from <br />the Bank of Montreal, a sum or sums not exceeding the aggregate $ 300,000.00 <br />to meet until the taxes are collected the current expenditures of the municipality <br />for the y~, including the amounts required for the purposes mentioned in <br />subsection ( 1 ) of Section 332, of the Municipal Act, and to give on behalf of <br />the Municipality to the Bank a promissory note or notes sealed with the Corporate <br />Seal and signed by the Head and Treasurer for the moneys so borrowed, with <br />interest at such rate as may be agreed upon from time to time with the Bank. <br /> <br /> 2. Ail sums borrowed pursuant to the authority of this by-law, <br />as well as all other sums borrowed in this year and in previous years from the <br />said Bank for any or all of the purposes mentioned in the said Section 332, shall, <br />with interest thereon, be a charge upon the whole of the revenues of the <br />municipality for the current year and for all preceding years as and when such <br />revenues are received. <br /> <br /> 3. The Treasurer is hereby authorized and directed to apply in <br />payment of all sums borrowed as aforesaid, together with interest thereon, all <br />of the moneys hereafter collected or received either on account or realized in <br />respect of taxes levied for the current year and preceding years or from any <br />other sources which may lawfully be applied for such purpose. <br /> <br />4. Ail other by-laws inconsistent to this by-law are hereby <br /> <br />repealed. <br /> <br /> 5. This by-law shall come into force and take effect as of the <br />1st day of January, 1975. <br /> <br /> <br />
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