2092
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COUNTY OF ELGIN
By-Law No. 2092
"Beinq a Bv-Law To Amend By-Law No. 1984 Thereh (,; . the Interest
IncreasJ.n Rate Paid on Temporary Advances Obtain~d From the Bank 6~.Montreal".
WHEREAS By-Law No. 1984 authorizes the obtaining of temporary
advances to meet the cost of constructing an addition to the Elqin
County Home for the Aged pending the completion thereof.
AND WHEREAS Clause (l) of ~y-Law No. 1984 as amended by
By-Law No. 2016, authorizes an interest rate not exceeding 7t per
cent per annum on the said temporary advances.
AND WHEREAS interest rates have increased since the passinq
of By-Law No. 2016.
NOW THEREFORE the Council of the Corporation of the County
of Elqin enact,s as follows:
1. THAT By-Law No. 1984 as amended by By-Law No. 2016 be
further amended by deleting Clause (l) and substituting therefore
the following:
(1) The Head and Treasurer of the Corporation of the County of
Elgin are hereby authorized to obtain from the Bank of Montreal temp-
orary advances at a rate of rates not exceeding at per cent per annum,
represented by a promissory note or promissory notes or by way of
overdraft or otherwise not exceeding Six Hundred Thousand DollB.Ys
to meet the cost of the said works pending the completion thereof.
2. THAT By-Law No. 2016 be and the same is hereby repealed.
READ a first time this 17th day of June, 1969.
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READ a second time this 17th day of June, 1969.
READ a third time, and finaj,'ly passed this 17th day of
June, 1969.
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Warden