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BY-LAW NUMBER 2883 <br /> <br />A BY-LAW TO AUTHORIZE THE BORROWING OF $7,500,000.00 <br />TO MEET THE CURRENT EXPENDITURES OF THE CORPORATION OF <br />THE COUNTY OF ESSEX FOR THE CURRENT YEAR 1991 <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 $7,500,000.00 to meet, until the taxes are <br />collected, the current expenditures of the Municipality for the <br />year; <br /> <br />AND WHEREAS the total amount of the estimated revenues <br />of the municipality as set forth in the estimates adopted for the <br />fear 1990 was $ 33 209 417.00. <br /> <br />AND WHEREAS the total amounts heretofore borrowed for <br />~he 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 />The Head and the Treasurer are hereby authorized on <br />~half 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 $7,500,000.00 to meet, <br />~ntil the taxes are collected the current expenditures of the <br /> cipality 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 /> romissory note or notes sealed with the Corporate Seal and signed <br /> the Head and Treasurer for the moneys so borrowed, with <br /> nterest at such rate as may be agreed upon from time to time with <br /> Bank. <br /> <br /> All sums borrowed pursuant to the authority of this <br /> ,-law, as well as all other sums borrowed in this year and in <br /> revious years from the said Bank for any or all of the purposes <br /> :ioned in the said Section 189, shall, with interest thereon, <br /> e a charge upon the whole of the revenues of the municipality for <br /> current year and for all preceding years as and when such <br />revenues are received. <br /> <br /> The Treasurer is hereby authorized and directed to apply <br />n payment of all sums borrowed as aforesaid, together with <br />nterest thereon, all of the moneys hereafter collected or <br />,eceived either on account or realized in respect of taxes levied <br />for the current year and preceding years or from any other sources <br />~hich may lawfully be applied for such purpose. <br /> <br />3. All other by-laws inconsistent to this by-law are hereby <br />repealed. <br /> <br />5. This by-law shall come <br />the 1st day of January, 199.~.1. <br /> <br />into force and take effect as of <br /> <br /> <br />