2016
COUNTY OF ELGIN
By-Law No. 2016
It l!!!.!! Amend By-Law No. 1984 Thereb Increasin the Interest
Rate Paid on ,orary Advances Obtained From the Bank of Montreal. It
WHEREAS By-Law No. 1984 authorizes the ebtaining of temporary
advances te meet the cost of constructing an addition to the Elgin County
Home for the Aged pending the completion thereof.
AND WHEREAS Clause (1) of By-Law No. 1984 authorizes an
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interest rate not exceeding 5~ per cent per annum on the said temporary
advances.
AND WHEREAS interest rates have increased since the passing of
By-Law Ne. 1984.
NOW THEREFORE the Ceuncil of the Cerporation of the County of
Elgin enacts as follows:
THA:T By-Law No. 1984 be amended by deleting Clause (1) and
substituting therefore the following:
1. The Head and Treasurer ef the CerporatioR of the County of Elgin
are hereby authorized to obtain from the Bank of Montrealtemperary advances
at a rate or rates not exceeding 7!per cent per annum, represented by a
promissery note or promissery notes or by way of everdraft er otherwise
net exceeding Six Hundred Thousand Dollars to meet the cost ef the said
works pending the completion thereof.
READ a first time this 20th day of March, 1968.
READ a secend time this 20th day of March, 1968.
READ a third time, and finally passed this 20th day of
March, 1968.
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