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61-2016 Borrowing By-law for 2017
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61-2016 Borrowing By-law for 2017
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1/9/2017 12:05:03 PM
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1/12/2017 6:06:30 PM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
12/21/2016
C - Council, Boards and By-laws - Department
Finance
C - Council, Boards and By-laws - Description
Borrowing Money By-law for 2017
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By-law
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Countv of <br />Essex <br />The Corporation of the County of Essex <br />By-Law Number 61-2O16 <br />A By-law to A By-law Authorizing the Borrowing of Money <br />to Meet Current Expenditures of The Council of the <br />Corporation of the County of Essex. <br />In accordance with subsection 407(1) of the Municipal Act, 2001, as <br />amended (the "Act"), the Corporation of the County of Essex (the <br />"Municipality") considers it necessary to borrow the amount of <br />$8,000,000.00 to meet, until taxes are collected and other revenues are <br />received, the current expenditures of the Municipality for the year. <br />Pursuant to subsection 407(2) of the Act, the total amount borrowed <br />pursuant to this by-law together with the total of any similar borrowings is <br />not to exceed the limits set forth in that subsection or other relevant <br />sections of the Act and if so required under subsection 407(2), the <br />Municipality shall have obtained the approval of the Ontario Municipal Board. <br />Now therefore the Council of the Corporation of the County of Essex <br />hereby enacts as follows: <br />1. The Warden and the Treasurer are authorized on behalf of the <br />Municipality to borrow from time to time from Canadian Imperial Bank <br />of Commerce ("CIBC") a sum or sums not exceeding in the aggregate <br />$8,000,000.00 to meet, until taxes are collected, the current <br />expenditures of the Municipality for the year pursuant to subsection <br />407(1) of the Act, and to execute any documents that are required in <br />connection with the borrowing of the above sum, plus interest, at a <br />rate to be agreed upon from time to time with CIBC, in addition to any <br />reasonable charges of CIBC associated with this borrowing. <br />2. All sums borrowed pursuant to this by-law, as well as all other sums <br />borrowed pursuant to the Act in this year and in previous years from <br />CIBC for any purpose will, with interest thereon, be a charge upon the <br />whole of the revenues of the Municipality for the current year and for <br />all preceding years as and when this revenue is received.
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