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BY-LAW NUMBER 2326 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $3,000,000.00 TO MEET <br />THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX FOR THE YEAR <br />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 $3,000,000.00 to meet, until the taxes are collected, the current <br />expenditures of the municipality of the year. <br /> <br /> AND WHEREAS the total amount of the estimated revenues of <br />the municipality as set forth in the estimates adopted for the year 1978 <br />was $9,695,000.00. <br /> <br /> AND WHEREAS the total amounts heretofore borrowed for the <br />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 note <br />from the Canadian Imperial Bank of Conm~erce 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 fdr the purposes mentioned in subsection (1) of Section 332 of The <br />Municipal Act, and to give on behalf of the municipality to the bank a <br />promissory note or notes sealed with the Corporate Seal and signed by the <br />Head and Treasurer for the moneys borrowed, with interest at such rate as <br />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 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 and <br />when such revenues are received. <br /> <br /> 3. The Treasurer is hereby authorized and directed to apply in <br />payment of ail 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 <br />years or from any other source which may lawfully be applied for such <br />purposes. <br /> <br />repealed. <br /> <br />4. Ail other by-laws inconsistent to this by-law are hereby <br /> <br /> 5. This by-law shall come into force and take effect as of <br />the ist day of January, 1979. <br /> <br /> PASSED this 17thpay of January , A~ D. 1979. <br /> <br />1st reading-Jan. 17 /79 <br />2nd reading-Jan. 17 /79 <br />3rd reading-Jan. 17 /79 <br /> <br /> <br />