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BY-LAW NUMBER 2208 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $300,000.00 TO MEET <br />THE CURRENT EXPENDITURES OF THE SUN PARLOR HOME FOR SENIOR <br />CITIZENS FOR THE YEAR 1976. <br /> <br /> WHEREAS the Council of the Corporation of the County of Essex <br />(hereinafter called the "Municipality") deemsit necessary to borrow the <br />sum of $300,000.00 to meet, until the taxes are collected, the current expend- <br />itures of 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 <br />which have not been repaid is nil. <br /> <br />THEREFORE the Council of the County of Essex hereby enacts as <br /> <br />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 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 munici- <br />pality for the year, including the amounts required for the purposes mentioned <br />in subsection (1) of Section 332, of the Municipal Act, and to give on behalf <br />of the Municipality to the Bank a promissory note or notes sealed with the <br />Corporate Seal and signed by the Head and Treasurer for the moneys so borrowed, <br />with interest at such rate as may be agreed upon from time to time with the <br />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 of 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 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, 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 />