1999
THE CORPORATION OF TI-IE COUNTY OF ELGIN
BY-LA\'¡ NO. 1999
Being a By-Law To Authorize Current Borrowings
In Excess of 70% of the Uncollected Balance of
The Estimated Current Revenues of the Corporation
For the Year, 1967.
WHEREAS by By-Law No. 1954, and By-Law No. 1976, of
the Council of the Corporation of the County of Elgin provided
for the borrowing of funds to mee't current expenditures pending
receipt of the estimated current revenues for the year, 1967.
AND WHEREAS it is deemed expedient that the amount
which it will be necessary to borrow during the year 1967 will
exceed 70% of the unco11ec'ted balance of the estimated
revenues of the Corpora'tion as set for'th in the estimates
adopted for the current year.
THEREFORE, the Council of the Corporation of the
County of Elgin ENACTS as FOLLOWS;
(1) That subject to the approval of the Ontario Municipal
Board the Head and Treasurer are hereby authorized to borrow
from time to time by way of promissory note from the Bank of
Montreal Bank, a sum in excess of the said 70% of the
uncollected balance of the estimated revenues of the
Corpora'tion for the year 1967 to the extent of $240,000.00.
READ a first and second time this 22nd day of
November, 1967.
iaW.~~
Head of Council
//-cI~-^~~~
Clerk
READ a third time and finally passed this 22nd day
of November, 1967.
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