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55-2011 Borrowing by-law
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55-2011 Borrowing by-law
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12/24/2012 10:44:19 AM
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12/22/2011 1:47:46 PM
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C - Council, Boards and By-laws
C - Council, Boards and By-laws - Date
12/21/2011
C - Council, Boards and By-laws - Department
Administration
C - Council, Boards and By-laws - Description
55-2011 Borrowing by-law
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By-law
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THE CORPORATION OF THE COUNTY OF ESSEX <br />BY -LAW NUMBER 55 -2011 <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 Municipal Act, <br />2001, as amended (the "Act "), 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 />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 />Therefore, the Council of the Municipality enacts as follows: <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 ( "CIBC ") 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 CIBC, <br />in addition to any reasonable charges of CIBC <br />associated with this borrowing. <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 CIBC 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 />
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