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THE CORPORATION OF THE COUNTY OF ESSEX <br />BY -LAW NUMBER 64 -2008 <br />A BY -LAW AUTHORIZING THE BORROWING <br />OF MONEY TO MEET CURRENT EXPENDITURES <br />OF THE COUNCIL OF THE CORPORATION OF THE <br />COUNTY OF ESSEX (the "Municipality ,, ) <br />In accordance with subsection 407(1) of the 1Municipal Act, 2001, as amended <br />(the "Act"), the Municipality considers it necessary to borrow the amount of $ 8,000,00o.00 <br />to meet,.initil taxes are collected and other revenues are received, the current expenditures of <br />the Municipality for the year. <br />Pursuant to subsection 407(2) of the Act, the total amount borrowed pursuant <br />to this by -law together with the total of any similar borrowings is not to exceed the limits set <br />forth in that subsection or other relevant sections of the Act and if so required under <br />subsection 407(2), the Municipality shall have obtained the approval of the Ontario <br />Municipal Board. <br />Therefore, the Council of the Municipality 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 <br />Barak of Commerce ( "CIBC ") a sum or sums not exceeding in the <br />aggregate $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 sure, plus interest, at a <br />rate to be agreed upon from time to time with CIBC, in addition to <br />any 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 <br />the whole of the revenues of the Municipality for the current year and <br />for all preceding years as and when this revenue is received. <br />3. The Treasurer is authorized and directed to apply in payment of all <br />sums borrowed plus interest, all of the moneys collected or received <br />on account in respect of taxes levied for the current year and <br />preceding years or from any other source which may lawfully be <br />applied for this purpose. <br />4. The Treasurer is authorized to furnish to CIBC a statement showing <br />the nature and amount of the estimated revenues of the Municipality <br />not yet collected and also showing the total of any amounts borrowed <br />that have not been repaid. <br />