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3146-94ExpendituresCountyEssex
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3146-94ExpendituresCountyEssex
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12/24/2012 10:29:13 AM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
1/14/1994
C - Council, Boards and By-laws - Department
Finance
C - Council, Boards and By-laws - Description
A by-law to authorize the borrowing of $8,000,000.00 to meet the current expenditures of the corporation of the county of Essex for the current year of 1995
C - Council, Boards and By-laws - Bylaw No
3146-94
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By-law
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BY-LAW NUMBER 3146 <br /> <br /> A BY-LAW TO AUTHORIZE THE BORROWING OF $8,000,000.00 <br />TO MEET THE CURRENT EXPENDITURES OF THE CORPORATION <br />OF THE COUNTY OF ESSEX FOR THE CURRENT YEAR 1995 <br /> <br /> WHEREAS the Council of the Corporation of the County of Essex <br />(hereinafter called the "Municipality") deems it necessary to borrow up to the sum <br />of $8,000,000.00 to provide for current operations until instalments of the levy <br />have been collected; <br /> <br /> AND WHEREAS the total amounts heretofore borrowed for the purposes <br />mentioned in The Municipal Act, R.S.O. 1990, Chapter M.45, Section 187, <br />Subsection (1) which have not been repaid is nil. <br /> <br /> THEREFORE the Council of the Corporation of the County of Essex enacts <br />as follows: <br /> <br />The Head and the Treasurer are hereby authorized on behalf of the <br />Municipality to borrow from time to time, a sum or sums not exceeding the <br />aggregate of $8,000,000.00 to meet the current expenditures of the <br />municipality of the year, in accordance with The Municipal Act, Section 187, <br />Subsection (1). <br /> <br />All sums borrowed pursuant to the authority of this by-law, as well as all <br />other sums borrowed in this year and in previous years from the said Bank <br />for any or all of the purposes mentioned in the said Section 187, shall, with <br />interest thereon, be a charge upon the whole of the revenues of the <br />municipality for the current year and for all preceding years as and when <br />such revenues are received. <br /> <br />o <br /> <br />The Treasurer is hereby authorized and directed to apply in payment of all <br />sums borrowed as aforesaid, together with interest thereon, all of the <br />moneys hereafter collected or received either on account or realized in <br />respect of taxes levied for the current year and preceding years or from any <br />other sources which may lawfully be applied for such purpose. <br /> <br />4. All other by-laws inconsistent to this by-law are hereby repealed. <br /> <br />This by-law shall come into force and take effect as of the 1st day of <br />January, 1995. <br /> <br /> <br />
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