Laserfiche WebLink
<br />THE CORPORATION OF THE COUNTY OF ESSEX <br /> <br />BY-LAW NUMBER 73-2009 <br /> <br />A BY-LAW AUTHORIZING THE BORROWING <br />OF MONEY TO MEET CURRENT EXPENDITURES <br />OF THE COUNCIL OF THE CORPORATION OF <br />THECOUNTY OF ESSEX (the "Municipality") <br /> <br />In accordance with subsection 407(1) of the Municipal Act, <br />2001, as amended (the IlActll), the Municipality considers it necessary to <br />borrow the amount of $ 8,000,000.00 to meet, until taxes are collected <br />and other revenues are received, the current expenditures of the <br />Municipality for the year. <br /> <br />Pursuant to subsection 407(2) of the Act, the total amount <br />borrowed pursuant to this by-law together with the total of any similar <br />borrowings is not to exceed the limits set forth in that subsection or other <br />relevant sections of the Act and if so required under subsection 407(2), <br />the Municipality shall have obtained the approval of the Ontario Municipal <br />Board. <br /> <br />Therefore, the Council of the Municipality enacts as follows: <br /> <br />1. The Warden and the Treasurer are authorized on <br />behalf of the Municipality to borrow from time to time <br />from Canadian Imperial Bank of Commerce ceIBC') a <br />sum or sums not exceeding in the aggregate <br />$8,000,000.00 to meet, until taxes are collected, the <br />current expenditures of the Municipality for the year <br />pursuant to subsection 407(1) of the Act, and to <br />execute any documents that are required in connection <br />with the borrowing of the above sum, plus interest, at <br />a rate to be agreed upon from time to time with eIBC, <br />in addition to any reasonable charges of elSe <br />associated with this borrowing. <br /> <br />2. All sums borrowed pursuant to this by-law, as well as <br />all other sums borrowed pursuant to the Act in this <br />year and in previous years from eIBC for any purpose <br />will, with interest thereon, be a charge upon the whole <br />of the revenues of the Municipality for the current year <br />and for all preceding years as and when this revenue is <br />received. <br />