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BT-LAW NUMBER 1796 <br /> <br />A BT-lAW OF rilE COUNTY OF ESSEX TO RJ~ISE A LOAN <br />TO MEET rilE CURRENT EXPENDITURES OF THE COUNTY <br />OF ESSEX ROAD SYSTEM FOR THE YEAR 1969. <br /> <br /> WHERE&S it has been expedient and necessary to raise by way <br />of a loan the sum of One Mill~on Five Hundred Thgusand Dollars($1~5OO~O00.O0)required to <br />meet the carzent expenditures of the County of Essex Road System du~ing <br />the year 1969, <br /> <br /> BE IT THEREFORE enacted by the Municipal Council of the <br />Corporation of the County of Essex as follows: <br /> <br /> 1o That it shall and may be lawful for the Corporation <br />of the County of Essex to borrow from a chartered bank or banks the sum <br />of One Million Five Hundred Thousand Dollars ($1,500,000.00) for the <br />purposes aforementioned to meet the current expenditures of the County <br />Road System for the year 1969 by demand notes at the rate of interest <br />prevailing at the time of the borrowing of the required money. <br /> <br /> 2o The Warden and Treasurer of the County of Essex be and <br />they are hereby authorized to enter into agreements to carry into effect <br />the said loan. <br /> <br /> 3. That all and any revenues of the Corporation are hereby <br />charged with repayment of all monies borrowed under the authority of Chis <br />by-law and the said chartered bank or banks are hereby declared to have <br />a lien upon all the said revenues until the loan created under the authority <br />of this by-law is fully satisfied; <br /> <br /> 4. Tha~ the Treasurer is hereby authorized and directed to <br />apply as much of the rev'enaes of the Corporation as may be necessary in <br />payment of the obligations of the Corporation created aforesaid. <br /> <br />All other by-laws inconsistent to this by-law are hereby <br /> <br />repealed° <br /> <br /> This by-law shall come into force and take effect as of the <br />1st day of January, 1969. <br /> Finally passed in open Council this /O~'~day of January, <br />1969o <br /> <br />1st reading-Jan. /~"/69 i-i--5~cg~'/t - <br />2nd reading-Jano/~/69 Warden J <br />3rd readi~-Jan. /D-/69 ~- _. <br /> <br /> C~S ~TIFICATE <br /> <br /> I~ C. A. Keeley~ Clerk of the Corporation of the County of <br />Essex~ do hereby certify that the foregoing is a true and correct cOPy <br />of By-law Number~read in open Council the necessary times and <br />finally passed at its January, 1969 Session. <br /> <br /> <br />