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BY-LAW NUMBER 2358 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $3,000,000.00 TO MEET <br />THE CURRENT EXPENDITURES OF THE SUN PARLOR HOME FOR SENIOR <br />CITIZENS FOR THE YEAR 1980. <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 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 <br />Act which have not been repaid is nil. <br /> <br /> THEREFORE the Council of the Corporation of the County of <br />Essex hereby enacts 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 Bank of Montreal, a sum or sums not exceeding the aggregate.of <br />the municipality for the year, including the amounts required for the <br />purposes mentioned in subsection (1) of Section 332, of The Municipal Act, <br />and to give on behalf of the Municipality to the Bank a promissory note or <br />notes sealed with the Corporate Seal and signed by the Head and Treasurer <br />for the moneys so borrowed, with interest at such rate as may be agreed <br />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 <br />from the said Bank for any or all of the purposes mentioned in the said <br />Section 332, shall, with interest thereon, be a charge upon the whole of <br />the 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 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 years <br />or from any other sources which may lawfully be applied for such purpose. <br /> <br />4. All 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repealed.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, 1980. <br /> <br />PASSED this 16th day of January <br /> <br />, A. D. 1980. <br /> <br />1st reading - Jan. 16/80 <br />2nd reading - Jan. 16/80 <br />3rd reading - Jan. 16/80 <br /> <br /> <br />