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HomeMy WebLinkAboutBRU 28 432 Borrowing By-lawny -law Vo 432 A D 1928 A By law to authorize the Reeve and the 'Treasurer of the Corporation of the Township of Bruce to borrow certain sums to meet the now ourrent expenditure Wkereaa the taxes for the current expenditure of the said Corporation for the year have not yet been collected there being uncollected of each taxes a sum not less than the sum authorized to be borrowed . And whereas the sum of Twenty thousand dollars is required to meet the now current expenditure of the said Corporation and it is expedient to authorize the Reeve and the Treasur to borrow the said amount .or such lose sum as may actually be requiredt ne it therefore enaotodby the liunicipal council of the Corporation of the Township of Bruce ae follows. - 1 That the Reeve with the Treasurer of the said corp- oration be.and they are hereby authorized under the seal of the said Corporation .to horror from the Standard Bank of Canada .the sum of Twenty thousand dollars (420000.00) or suoh loss sum as may bo required .to meet the current expenditure of the said Uorporation 2 That the enid Reeve with the Treasurer aforesaid be.and they are hereb, authorized to pay or allow the said bank interest on tha ccid rum so borrowed at the rate of Six porreent per annum 3 That a promissory note or note° .covenant or agreement sealed with the Corporate seal and signed on behalf of the Jorporistion by the Reeve and Treasurer be duly executed and given to the bank as aforesaid as security for the repayment of the amount borrowed.with the interest thereon as aforesaid. 4 That the Standard Bank of Canada be and is hereby appointed banker of the Corporation .and is hereby auth- orized to pay and honor all cheques and orders for the payment of money.made signed or drawn in the name if the said c.;orj.oration h' the â– cove and the Treasurer and further to accept for deposit to the credit of the Corp - orationall ahoquon .drofte.notes .bills and other negotiable instruments endorsed in the nume of the said Corporation by the Treasurer. Passed in open council this seventh day of April A.D 1926 , 471 7 qati lark. Reeve