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BY-LAW NUMBER 2254 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $1,500,000.00 TO MEET THE <br />CURRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD SYSTEM FOR THE <br />YEAR 1977. <br /> <br /> WHEREAS the Council of the Corporation of the County of <br />Essex (hereinafter called the '~unicipality") 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 <br />the purposes mentioned in subsection (1) of Section 332 of The Municipal <br />Act 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 <br />promissory note from the Canadian Imperial Bank of Commerce a sum or <br />sums not exceeding in the aggregate $1,500,000.00 to meet, until the <br />taxes are collected the current expenditures of the municipality for <br />the year, including the amounts required for the purposes mentioned in <br />Subsection (1) of Section 332 of the Municipal Act, and to give on <br />behalf of the municipality to the bank a promissory note or notes sealed <br />with the Corporate Seal and signed by the Head and Treasurer for the <br />moneys so borrowed, with interest as such rate as may be agreed upon <br />from time to time with the bank. <br /> <br /> 2. All sums borrowed pursuant to the authority of this by- <br />law as well as all other sums borrowed in this year and in previous <br />years from the said bank for any or all of the purposes mentioned in <br />the said Section 332, shall, with interest thereon, be a charge upon <br />the whole or the revenues of the municipality for the current year and <br />for all preceding years as 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 <br />account or realized in respect of taxes levied for the current year and <br />preceding years or from any other source which may lawfully be applied <br />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 <br />the 1st day of January, 1977. <br /> <br /> PASSED this 19th day of January , 1977 <br /> <br />1st reading-Jan.!9/77 ~ <br />2nd reading-Jan.19/77 / CLERK <br />3rd reading-Jan.19/77 <br /> <br /> <br />