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2289-78ExpendituresRoadSystem
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2289-78ExpendituresRoadSystem
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12/24/2012 12:12:31 PM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
3/29/1978
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 to meet the current expenditures of the County of Essex Road System for the year 1978
C - Council, Boards and By-laws - Bylaw No
2289-78
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By-law
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BY -LAW NUMBER 2289 <br />A BY -LAW TO AUTHORIZE THE BORROWING OF $1,500,000 TO MEET THE <br />CURRENT EXPENDITURES OF THE COUNTY OF ESSEX ROAD SYSTEM FOR THE <br />YEAR 1978. <br />WHEREAS the Council of the Corporation of the County of Essex <br />(hereinafter called the "Municipality ") deems it necessary to borrow the sum <br />of $1,500,000 to meet, until the taxes are collected, the current expendi- <br />tures of the municipality of the year; <br />AND WHEREAS the total of amounts heretofore borrowed for <br />the purposes mentioned in subsection (1) of Section 332 of The Municipal Act <br />which have not been repaid is nil. <br />as follows: <br />THEREFORE the Council of the County of Essex hereby enacts <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 exceed- <br />ing in the aggregate $1,500,000 to meet, until the taxes are collected <br />the current expenditures of the municipality for the year, including the <br />amounts required for the purposes mentioned in Subsection (1) of Section <br />332 of The Municipal Act, and to give on behalf of the municipality to the <br />bank a promissory note or notes sealed with the Corporate Seal and signed <br />by the Head and Treasurer for the moneys so borrowed, with interest at <br />such rate as may be agreed upon from time to time with the bank. <br />2. All sums borrowed pursuant to the authority of this <br />by -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 the <br />said Section 332, shall, with interest thereon, be a charge upon the whole <br />or the revenues of the municipality for the current year and for all preced- <br />ing years as and when such revenues are received. <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 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 source which may lawfully be applied for such purpose. <br />repealed. <br />4. All other by -laws inconsistent to this by -law are hereby <br />5. This by -law shall come into force and take effect as <br />of the 1st day of January, 1978. <br />PASSED this 18th day of January , 1978. <br />1st reading- Jan.18 /78 <br />2nd reading- Jan.18/78 <br />3rd reading- Jan.18/78 <br />
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