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THE CORPORATION OF THE COUNTY OF ESSEX BY-LAW NUMBER 3296-97 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 1998. WHEREAS the Council of the Corporation of the County of Essex (hereinafter called the "Municipality") deems it necessary to borrow up to the sum of $8,000,000.00 to provide for current operations until instalments of the levy have been collected; AND WHEREAS the total amounts heretofore borrowed for the purposes mentioned in The Municipal Act, R.S.O. 1990, Chapter M.45, Section 187, Subsection (1) which have not been repaid is nil. THEREFORE the Council of the Corporation of the County of Essex enacts as follows: The Head and the Treasurer are hereby authorized on behalf of the Municipality to borrow from time to time, a sum or sums not exceeding the aggregate of $8,000,000.00 to meet the current expenditures of the municipality of the year, in accordance with The Municipal Act, Section 187, Subsection (1). All sums borrowed pursuant to the authority of this by-law, as well as all other sums borrowed in this year and in previous years from the said Bank for any or all of the purposes mentioned in the said Section 187, shall, with interest thereon, be a charge upon the whole of the revenues of the municipality for the current year and for all preceding years as and when such revenues are received. o The Treasurer is hereby authorized and directed to apply in payment of all sums borrowed as aforesaid, together with interest thereon, all of the moneys hereafter collected or received either on account or realized in respect of taxes levied for the current year and preceding years or from any other sources which may lawfully be applied for such purpose. 4. All other by-laws inconsistent to this by-law are hereby repealed.