Laserfiche WebLink
BY-LAW NUMBER 2325 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $1,500,000.00 TO <br />MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX <br />ROAD SYSTUM FOR THE YEAR 1979. <br /> <br /> WHEREAS the Council of the Corporation of the County of Essex <br />(hereinafter called the "Municipality") deems it necessary to borrow the <br />sum of $1,500,000.00 to meet, until the taxes are collected, the current <br />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 behalf <br />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 $1,500,000.00 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 <br />the bank a promissory note or notes sealed with the Corporate Seal and <br />signed by the Head and Treasurer for the moneys so borrowed, with interest <br />at such rate as may be agreed upon from 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 the purposes mentioned in the said Section <br />332, shall, with interest thereon, be a charge upon the whole or the <br />revenues of the municipality for the current year and for all preceding <br />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 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 />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repealed.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, 1979. <br /> <br />PASSED this 17th day of <br /> <br />1st reading-Jan. 17 /79 <br />2nd reading-Jan. 17 /79 <br />3rd reading-Jan. 17 /79 <br /> <br /> <br />