85-29
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COUNTY OF ELGIN
BY-LAW NO. 85-29
"BEING A BY-LAW TO AUTHORIZE THE BORROWING OF MONIES FROM THE
BANK OF MONTREAL TO RENOVATE THE NEW COUNTY ADMINIST~ATION
BUILDING."
WHEREAS the Corporation of the County of ElgiD has
purchased the former Nurses' Residence ßt the St. Thomas
Psychiatric Hospital to use as a . County Administraj;ion,
Buildihg; and
WHEREAS it is necessary to carry out renovations in
order to accommodate County Council and the Administration
personnel; and
WHEREAS an estimate of One Million, Fiye Hundred
Thousand Dollars, exclusive of inteÎ'es1:, hasbeeD måde to
carry out the necessary aiterations and renovations; and
WHEREAS the;Corporation "of the County of Elgin pro-
poses to borrow the said monies f~om the Bamk o£ Montreal,
408 Talbot Street, St. Thomas, when and as required by way of
promissory note or promissory notes, at a rate of interest to
be determined at the time of borrowing; and
WHEREAS the Corporat"ion of the CpUDty of Elgin
intends to repay the amount borrowed on an annual basis, with
interest, over a period of time, not exceediqg ten years.
NOW THER"EFORE the Munlcipal Council of thE> Corpora-
tion of the County¡' of Elgin enabts as follows:
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1. The Head and Treasurer of the Corporation of the
County of Elgin are hereby authorized to obtaih from the Bank
of Montreal, amounts as required and not e?<ceediDg One Million,
Two Hundred Thousand Dollars in total, 'byy,ay' of promissory
note or notes, at a rate of interest to b~determined at the
time of borrowing to meet the cost of renovating the new
Administration Building.
2. That this by-law not become effective until approved
by the Ontario Municipal Board.
READ a first time this 15th "day of May, 1985.
READ a second time this 15th day of May, 1985.
READ a third time and finally passed this 15th day of May 1985.
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G. C. Leverton ereau
Clerk