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61-2017 CIBC Borrowing By-law
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61-2017 CIBC Borrowing By-law
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1/3/2018 4:15:37 PM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
12/20/2017
C - Council, Boards and By-laws - Department
Council Services
C - Council, Boards and By-laws - Description
61-2017 CIBC Borrowing By-law
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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 6I-2O17 <br />A By-law Authorizing the Borrowing of Money to Meet <br />Current Expenditures of The Council of the Corporation of <br />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 hereby <br />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
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