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BY-LAW NUMBER 2656 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $1,500,000.00 <br />TO MEET THE CURRENT EXPENDITURES OF THE COUNTY OF ESSEX <br /> ROAD SYSTEM FOR THE YEAR 1987. <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 $1,500,000.00 to meet, until the taxes are <br />collected, the current expenditures of the Municipality for the <br />year; <br /> <br /> AND WHEREAS the total amounts heretofore borrowed for <br />the purposes mentioned in The Municipal Act, R.S.O. 1980, Chapter <br />302, Section 189, Subsection (1) which have not been repaid is <br />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 in the aggregate $1,500,000.00 to meet until <br />the taxes are collected the current expenditures of the <br />municipality for the year, including the amounts required for the <br />purposes mentioned in The Municipal Act, Section 189, Subsection <br />(1), and to give on behalf of the Municipality to the Bank a <br />promissory note or notes sealed with the Corporate Seal and signed <br />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. All 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 189, 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, 1987. <br /> <br /> <br />