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<br />The Corporation of the County of Essex <br />By-Law Number 2023-01 <br />A By-law to Authorize the Borrowing of Money to Meet <br />Current Expenditures of The Council of the Corporation of <br />the County of Essex. <br />Whereas subsection 407(1) of the Municipal Act, 2001, as amended (the <br />“Act”), permits a municipality to borrow to support the operations of the <br />municipality; and <br />Whereas the Corporation of the County of Essex (the “Municipality”) <br />considers it necessary to borrow the amount of $8,000,000.00 to meet, until <br />taxes are collected and other revenues are received, the current <br />expenditures of the Municipality for the year; and, <br />Whereas, 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), the <br />Municipality shall have obtained the approval of the Ontario Land Tribunal. <br />Now therefore the Council of the Corporation of the County of Essex <br />hereby 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.