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2206-76ExpendituresRoadSystem
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2206-76ExpendituresRoadSystem
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12/24/2012 12:12:30 PM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
1/21/1976
C - Council, Boards and By-laws - Department
Engineering/Roads
C - Council, Boards and By-laws - Description
A by-law to authorize the borrowing of $1,500,000.00 to meet the current expenditures of the County of Essex Road System for the year 1976.
C - Council, Boards and By-laws - Bylaw No
2206-76
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By-law
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BY-LAWNUMBER 2206 <br /> <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 1976. <br /> <br /> WHEREAS the Council of the Corporation of the County of <br />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 of the year; <br /> <br /> AND WHEREAS the total of amounts heretofore borrowed for the <br />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 />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 <br />from the 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 municipalty 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 note <br />or notes sealed with the Corporate Seal and signed by the Head and Treasurer <br />for the moneys so borrowed, with interest as such rate as may be agreed <br />upon f~m 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 <br />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 <br />and 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 <br />thereon, all 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 <br />purpose. <br /> <br />repealed. <br /> <br />4. All other by-laws inconsistent to this by-law are hereby <br /> <br /> 5. This by-law shall come into force and take effect as of the <br />1st day of January, 1976. <br /> <br />PASSED this 21st <br /> <br />1st reading-Jan- 21/76 <br />2nd reading-Jan. 21/76 <br />3rd reading-Jan. 21/76 <br /> <br />.day of January , 1976. <br /> <br /> <br />
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