HomeMy WebLinkAboutBRU 26 408 Borrowing By-lawBy -law no 40b A.D.1926
A by -lcw,t o autiiorizo the heal and tho trecaurerof the Corporation
of the Township of Bruce to borrow certain sums to moot the now
current oxponliture ,
Whereas the taxoe levied for the current orpenlltare.of the said
Corporation for the your have itak not yet been full., collectod
thoro being unoollecLod of ouch taxec a oum not lose than the
sum authorized to be borrowed .
And whoreae the eam of Twenty thousand dollars is requirod to
moot the - now current expendituro of the said Corporation ,and it
Is expedient to authorize tho hood ant ''roaouror to borrow the
said amount .or such les.• sum as may actuall;, be required
Be it therefore enacted b the :.iunicipal Jorporation of the
Township of Brace as follows; -
L That the Head with the ''roaeurerbf the said Corporation be ,and b�
they are hereby authorised under the seal of the corporation
to borrow from the Standard bank of Canada ,tho cum of twenty
thouoend (20000.)or ouch lees sum ae may be required to moot the
current expenditure of the said corporstoin
2 That the said heed with the treaeuror aforesuia bo ,un1 they
are hereby nuthorizol to pay or allow the ccid bank interest 0.1
the said .um so borrowed r,t the rateof six per cent per annum.
3Thnt a promis.ory note or notes , oovonant or ugrocmont soalod
with the corporate coal and signet on behalf of the corporation
by the roeve and treasurer be duly executed and given to the
bank as aforesaid as security for the re- payment pf the amount
borrowed ,with the interest thereon as aforesaid .
4that the atan'iard bank of Canadn bo and i:; heroby appointod •
banker of tho corporation .and ie hereby authorized to pay and
honor all cheques and orders for the paymart of money,made ,
signal or drawn in the name of the sail corporatin b,, the reeve
and troasuror,anl further to accept for deposit to the credit of
corporation all cheques ,drafte,notee ,bills,:.nd other negoti-
able instrumento endorsed in the namo of the acid corporation
by the treasurer.
Passed in open council this tenth day of ..pril A,D,1926
,Clerk
S eve