Laserfiche WebLink
THE CORPORATION OF THE COUNTY OF ESSEX <br /> <br />BY-LAW NUMBER 45-2001 <br /> <br />A BY-LAW AUTHORIZING THE BORROWING OF $8,000,000.00 <br />TO MEET THE CURRENT EXPENDITURES OF THE <br />CORPORATION OF THE COUNTY OF ESSEX FOR THE <br />CURRENT YEAR 2002. <br /> <br /> WHEREAS THE Council of the Corporation of the County of Essex (hereinafter <br />called the "Municipality") deems it necessary to borrow up to the sum of $8,000,000.00 <br />to provide for current operations until instalments of the levy have been collected: <br /> <br /> AND WHEREAS the total amounts heretofore borrowed for the purposes <br />mentioned in the MunicipaIAct, R.S.O. 1990, Chapter M. 45, Section 187, Subsection (1) <br />which have not been repaid is nil. <br /> <br /> NOW THEREFORE the Council of the Corporation of the County of Essex <br />enacts as follows: <br /> <br />THAT the Warden 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 />Subsections (1) and (2). <br /> <br />THAT all sums borrowed pursuant to the authority of this by-law, as well as <br />all 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, within <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 such <br />revenues are received. <br /> <br />o <br /> <br />THAT the Treasurer is hereby authorized and directed to apply in payment of <br />all sums borrowed as aforesaid, together with interest thereon, all of the <br />moneys hereafter collected or received either on account or realized in respect <br />of taxes levied for the current year and preceding years or from any other <br />sources which may lawfully be applied for such purposes. <br /> <br />All other by-laws inconsistent to this by-law are hereby repealed.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 1~t day of January, <br />2002. <br /> <br />Passed this 19th day of December, 2001. <br /> <br /> <br />