2017
COUNTY OF ELGIN ~.
By-Law No. 2017
Bein ~~-Law To Amend Bv-Law No. 200 J'hereb Increasin the Interest
Rate Paid ç>n Monevs Borrowed From the Bank of Montreal."
WHEREAS Clause (1) of By-Law No. 2004 authorizes an
interest rate not exceeding 6! per cent per annum on moneys borrQwed
from the Bank of Monbreal.
AND WHEREAS interest rates have increased since the passing
of By-Law No. 2004.
NOW THEREFORE the Council of the,Cørporation of the County
of Elgin enacts as follews:
THAT By-Law No. 2004 be amended by deleting Clause (1) and
substituting therefore the following:
1. The Head and the Treasurer are hereby authorized on behalf of
the Corporation to børrew frem time to time, by way ef promissery note,
from the Bank of Montreal, a sum or sums not exceeding in the aggregate
Two Million, Four Hundred Thousand dollars to meet, ~ntil the taxes are
collected, the current expenditures of the Corporation for the year,
including the amounts required for the pùrposes mentioned in subsection
II) of the said Section 329, and to give, on behalf of the Corporation,
to the Bank a promissory note or notes, sealed with the corporate seal
and signed by them for the moneys so borrowed with interest at a rate not
eKceeding 7! per cent per annum, which may be paid in advance or other-
wise.
\READ a first time this 20th day of March, 1968 .
READ a second time this 20thday of March, 1968.
READ a third time, and finally passed this 20th day
of March, 1968.
.2 ~ o. ~
Warden
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