88-11
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COUNTY OF ELGIN
By-Law No. 88-11
"BEING A BY-LAW TO AUTHORIZE THE BORROWING OF MONIES FROM THE
BANK OF MONTREAL TO RENOVATE AREAS IN THE COUNTY
ADMINISTRATION BUILDING."
WHEREAS the Corporation of the County of Elgin owns
and does business from a three and one-half story County
Administration Building located at 450 Sunset Drive, St. Thomas;
and
WHEREAS the County only occupies approximately
one-third of the building with the balance unfinished and not
presently suitable for use without renovations; and
WHEREAS the County presently is negotiating with sev-
eral potential tenants who will require a large portion which
will have to be renovated to suit their needs; and
WHEREAS a rough estimate has been suggested by a
consulting engineering firm to the effect that cost of renova-
tions will exceed $700,000; and
WHEREAS the Corporation of the County of Elgin
proposes to borrow the said monies from the Bank of 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 Corporation of the County of Elgin
intends to repay the amount borrowed on an annual basis, with
interest, over a period of time not exceeding ten years.
NOW THEREFORE the Municipal Council of the Corpora-
tion of the County of Elgin enacts as follows:
1. The Head and Treasurer of the Corporation of the
County of Elgin are hereby authorized to obtain from the Bank
of Montreal, amounts as required and not exceeding One Million
Dollars in total, by way of promissory notes or notes, at a
rate of interest to be determined at the time of borrowing, to
meet the cost of renovating the County Administration Building.
2. That this by-law not become effective until approved
by the Ontario Municipal Board.
READ a first time this 16th day of March, 1988.
READ a second time this 16th day of March, 1988.
READ a third time and finally passed this 16th day of March 1988
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G C. Leverton
Clerk