2091
COUNTY OF ELGIN
By-Law No. 2091
HBeing ? By~~w to Amend By-Law No. 2070 Therebx_ Inc~sing the Interest
Rate Pai£l on Moneys Borrowed Jrom. the Bank of!f2Et;r..§'al. H
WHEREAS Cla~se (1) of By-Law No. r,,_
2070 authorizes an interest
rate not exceeding 7t per cent per annum on moneys borrowed from the
Bank of Montreal.
AND WHEREAS interest rates have increased since the passing
of By-Law No. 2070.
NOW THEREFORE the Council of the Corporation of the County
of Elgin enacts as follows:
TfUIT By-Law No. 2070 be amended by deleting Clause (1) an~
s~bstituting therefore the following:
1. The Head and the Treasurer are hereby a~thorized on behalf
of the Corporation to borrow from time to time, by way of promissory
note, from the Bank of Montreal, a sum or sums not exceeding in the
aggregate Two Million, Eight Hundred Thousand dollars to meet, until
the taxes are collected, the current expenditures óf the Corporation
for the year, including the amounts required for the purposes mentioned
in subsection (1) 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 exceeding 8t per centum per annum, which may
be paid in advance or 0~herwise.
READ a first time this 17th day of June, 1969.
READ a second time thi~ 17th day of June, 1969.
READ a third time, and finally passed this 17th day of
June, 1969.
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I Warden