HomeMy WebLinkAboutKIN 95 048 Agricultural Society
e
e
e
e
THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1995-48
A BY-LAW TO AUTHORIZE THE SIGNING OF A LOAN AGREEMENT WITH
THE KINCARDINE AGRICULTURAL SOCIETY
WHEREAS the Council for The Corporation of the Town of
Kincardine deems it advisable to enter into loan agreement with
the Kincardine Agricultural Society for funds borrowed for the
expansion of the Connaught Park Pavilion;
NOW THEREFORE the Council for The corporation of the Town
of Kincardine ENACTS as follows:
1. That The Corporation of the Town of Kincardine enter into
an agreement with the Kincardine Agricultural Society for
the repayment of funds loaned by the Town to the Society,
to be used for the expansion of the Connaught Park
Pavilion.
2. That the mayor and clerk be authorized to sign, on behalf
of The corporation of the Town of Kincardine, the
agreement with Kincardine Agricultural Society which is
attached to this by-law and to affix the Town's Corporate
seal as and when required.
3. This by-law shall come into full force and effect upon
its final passage.
4. This by-law may be cited as the "Kincardine Agricultural
Society Pavilion Loan Agreement By-law".
READ a FIRST and SECOND time this 3rd day of August, 1995.
READ a THIRD time and FINALLY PASSED this 17th day of August,
1995.
~~///
Clerk
·
·
·
·
·
·
This AGREEMENT made this
'7th day of o"'ð",r 1995.
BETWEEN:
THE CORPORATION OF THE TOWN OF KINCARDINE
hereinafter called the "Town"
of the First Part,
-and-
KINCARDINE AGRICULTURAL SOCIETY
herinafter called the "SOCIETY"
of the Second Part.
WHEREAS the society requires funds to assist
construction of an addition to the Conn aught Park
in the amount of eight thousand, five hundred
($8,500.00);
in the
Pavilion
dollars
AND WHEREAS
repaid from
revenues;
these funds are to be advanced by the Town and
the Pavilion Building Reserve future rental
NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in
consideration of other good and valuable consideration and
the sum of TWO DOLLARS ($2.00) of lawful money of Canada,
now paid by each of the two parties hereto, (the receipt
whereof is hereby acknowledged) the parties hereto
covenant, promise and agree with each other as follows:
1.
The
for
the
Town shall establish a "Pavilion Building Reserve"
the purpose of future improvements and repairs of
Connaught Park Pavilion.
2. The Town shall advance to the "Pavilion Building
Reserve" the necessary funds to complete the
Agricultural Society's share of the costs of the
Pavilion addition, estimated at $8,500.00.
The society shall repay this loan to the Town by
forwarding fifty per cent (50%) of the gross annual
rental revenue generated from the Pavilion rentals to
the Town until the full amount has been repaid. Such
payments shall be made by the Society prior to April
30th of each year during the term of this agreement.
3.
4. The Town shall, upon receipt from the society, deposit
the annual amount established by clause (3) of this
agreement into the reserve known as the
"Pavilion Building Reserve".
5. The Town shall, upon the approval of Council, allow
the Society to access the "Pavilion Building Reserve"
should monies be required for additional maintenance
and/or repairs, to the Conn aught Park Pavilion, be
deemed necessary by Council.
.. ./2
.
f
·
·
·
·
·
e
page 2
6.
Once the principal amount has been repaid, the society
shall continue to remit, to the Town, fifty per cent
(50%) of the gross annual rental revenue of the
Pavilion, which shall be deposited, by the Town, into
the "Pavilion Building Reserve".
7.
The Society agrees to establish a daily rental rate
for the Pavilion of three hundred dollars ($300.00)
and that the rate shall be reviewed annually to ensure
that it remains consistent with similar rental
facilities in the Town.
8.
The terms
(10), may
consent of
of this agreement, save and except
be renegotiated annually with the
both parties.
clause
mutual
9. It is further agreed that any renegotiation of the
terms of this agreement shall take place within the 60
day period prior to the date of payment established by
clause (3) of this agreement.
10. This agreement shall expire on November 30, 2005.
11. This Agreement shall enure to the benefit of and be
binding on the respective heirs, executors,
administrators, successors and assigns of the parties
hereto.
IN WITNESS WHEREOF the Town has hereto affixed its
corporate seal attested by the hands of its mayor and clerk
this21~~day of ~qU~r, 1995. The Society has hereunto set
its ~and seal this lìtk day of ndÔ'L.i'"", 1995.
SIGNED, SEALED AND DELIVERED )
in the presence of )
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
THE CORPORATION OF THE TOWN
OF KINCARDINE
Der:~~/ør~
Mayor - Charles W. Mann
Der:~./Æ~··.· .
Clerk - Maureen A. Couture
KINCARDINE AGRICULTURAL
SOCIETY
",&-
'-President
~j((~
Witness
,
~A D/YL ¡/--~~
Secretary
ddL<J tJM /
Witness