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