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2410-81ExpendituresCountyEssex
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2410-81ExpendituresCountyEssex
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
1/7/1981
C - Council, Boards and By-laws - Department
Finance
C - Council, Boards and By-laws - Description
A by-law to authorize the borrowing of $3,000,000.00 to meet the current expenditures of the County of Essex for the current year 1981.
C - Council, Boards and By-laws - Bylaw No
2410-81
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By-law
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BY-LAW NUMBER 2410 <br /> <br /> A BY-LAW TO AUTHORIZE THE BORROWING OF $3,000,000.00 <br />TO MEET THE CURRENT EXPENDITURES OF COUNTY OF ESSEX <br /> FOR THE CURRENT YEAR 1981. <br /> <br /> WHEREAS the Council of the Corporation of the County of <br />Essex (hereinafter called the "Municipality") deems it necessary <br />to borrow the sum of $3,000,000.00 to meet, until the taxes are <br />collected, the current expenditures of the Municipality for the <br />year; <br /> <br /> AND WHEREAS the total amount of the estimated revenues <br />of the municipality as set forth in the estimates adopted for the <br />year 1980 was $12,702,000.00. <br /> <br /> AND WHEREAS the total amounts heretofore borrowed for <br />the purposes mentioned in subsection (1) of Section 332 of The <br />Municipal Act which have not been repaid is nil. <br /> <br /> THEREFORE the Council of the Corporation of the County <br />of Essex enacts 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 <br />or sums not exceeding the aggregate of $3,000,000.00 to meet, <br />until the taxes are collected the current expenditures of the <br />municipality for the year, including the amounts required for the <br />purposes mentioned in Subsection (1) of Section 332, of The <br />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 <br />signed by the Head and Treasurer for the moneys so borrowed, with <br />interest at such rate as may be agreed upon from time to time with <br />the Bank. <br /> <br />2. Ail sums borrowed pursuant to the authority of this <br />by-law, as well as all other sums borrowed in this year and in <br />previous years from the said Bank for any or all of the purposes <br />mentioned in the said Section 332, shall, with interest thereon, <br />be a charge upon the whole of the revenues of the municipality for <br />the current year and for all preceding years as and when such <br />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 <br />interest thereon, all of the moneys hereafter collected or <br />received either on account or realized in respect of taxes levied <br />for the current year and preceding years or from any other sources <br />which may lawfully be applied for such purpose. <br /> <br />4. Ail other by-laws inconsistent to this by-law are hereby <br />repealed. <br /> <br />5. This by-law shall come into force and take effect as of <br />the 1st day of January, 1981. <br /> <br /> <br />
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