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2207-76ExpenditureCountyEssex
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2207-76ExpenditureCountyEssex
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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
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 1976.
C - Council, Boards and By-laws - Bylaw No
2207-76
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By-law
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BY-LAW NUMBER 2207 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $3,000,000.00 TO <br />MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX FOR <br />THE YEAR 1976. <br /> <br /> WHEREAS the Council of the Corporation of the County of Essex <br />(hereinafter called the "Municipality") deems it necessary to borrow <br />the sum of $3,000,000.00 to meet, until the taxes are collected, the <br />current expenditures of the municipality of the year. <br /> <br /> AND WHEREAS the total amount of the estimated revenues of the <br />municipality as set forth in the estimated adopted for the year 1975 was <br />$9,197,331.00. <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 <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 municipality for the year, including the amounts <br />required for the purposes mentioned in subsection (1) of section 332 <br />of the Municipal Act, and to give on behalf of the municipality to the bank <br />a promissory note or notes sealed with the Corporate Seal and signed by <br />the Head and Treasurer fer the moneys borrowed, with interest at such rate <br />as may be agreed upon from time to time with the bank. <br /> <br /> 2. All 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 in <br />payment of all sums borrowed as aforesaid, together with interest thereon, <br />all of the moneys hereafter collected or received either on account or <br />realized in respect of taxes levied for the current year and preceding years <br />or from 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 /> <br />repealed. <br /> <br /> 5. This by-law shall come into force and take effect as of <br />the 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 Januar~z _.__, 1976. <br /> <br /> <br />
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