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Bylaw No.461 ' A.D. 1929.
A BY -law to authorise the Reeve and the Treasurer of the
Corporation of the Township of Bruce to borrow certain
sums to meet the now current expenditure.
Whereas the taxes for the current expenditure of the said
Corporation for the year have not yet been collected
there being uncollected of such taxes a sum not less than
the sum authorised to be borrowed.
And whereas the sum of Seventeen Thousand Dollars is required
to meet the now current expenditure of the -said Corporation
and it is expedient to authorise the Reeve and the Treasurer
to borrow the said amount or such less sum as may actually
be required.
Be it therefore enacted by the Municipal council of the
Corporation of the Township of Bruoe as follows: -
1. That the Reeve with theTReasurer of the said Corporation
be and they are hereby authorised under the seal of the
said Corporation to borrow from the Bank of Commerce the
sum of Seventeen Thousand Dollars (17,000.00) or such less
sum as may be required to meet the current expenditure of
the said Corporation.
2. That the said Reeve with the Treasurer aforesaid be and
they are hereby authorised to pay or allow the said Bank
interest on the said sum so borrowed at the rate of six
percent per annum.
3. That a promissory note or notes , covenant or agreement
sealed with the Corporate seal and signed on behalf of the
Corporation 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 Bank of Commerce be and is hereby appointed
Banker of the Corporation,and is hereby authorised to pay and
honor all cheques and orders for the payment of money made,
signed or drawn in the name of the said Corporation by the
Reeve and the Treasurer and further to accept for deposit to
the credit of the Corporation all cheques, drafts, notes,
bills and other negotiable instruments endorsed in the name
of the said Corporation by the Treasurer.
Passed in open council this twenty -fifth day of May S.D.
1929.
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