HomeMy WebLinkAbout07 053 Minor Soccer Loan Agreement
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2007 - 053
BEING A BY -LAW TO AUTHORIZE A LOAN AND ENTER INTO AN
AGREEMENT WITH THE KINCARDINE & DISTRICT MINOR SOCCER CLUB
WHEREAS Section 107 (1) of the Municipal Act 2001, 5.0. 2001, c. 25 as
amended, provides that a municipality may make grants, on such terms as to
security and otherwise as the council considers appropriate, to any person, group
or body, including a fund, within or outside the boundaries of the municipality for
any purpose that council considers to be in the interest of the municipality;
AND WHEREAS the Kincardine & District Minor Soccer Club stored its
equipment and uniforms in a municipally-owned shed at the Davidson Centre for
Kincardine and District;
AND WHEREAS the equipment shed and its contents were destroyed by fire on
January 9,2007;
AND WHEREAS the Kincardine & District Minor Soccer Club had no content
insurance on its equipment and uniforms;
AND WHEREAS the Kincardine & District Minor Soccer Club applied to the
Municipality of Kincardine for a loan of $42,000.00 to be used for the purpose of
purchasing new equipment and uniforms in order to carry on the 2007 soccer
season;
AND WHEREAS it has been determined that minor soccer incorporates the
values of the municipality by enhancing the quality of life for the community
through recreational opportunities that promote the health and fitness of its
residents;
AND WHEREAS the Council of the Corporation of the Municipality of Kincardine
deems it expedient to loan the Kincardine & District Minor Soccer Club
$42,000.00;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That a loan of $42,000.00 is approved and authorized to be made to the
Kincardine & District Minor Soccer Club to be paid from the general
revenues of the Municipality.
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By-law No. 2007 - 053
Minor Soccer Loan Agreement By-law
Page 2
2. That the delivery of the loan proceeds is subject to the execution by the
Trustee of the loan agreement attached to this By-law as Schedule "A".
3. That the administration of the loan and the liaison between the
Municipality of Kincardine and the Trustee is delegated to the Treasurer
of the Municipality.
4. That the Mayor and CAD be authorized to sign, on behalf of the
Corporation of the Municipality of Kincardine, the said agreement with the
Kincardine & District Minor Soccer Club attached hereto as Schedule "A".
5. This by-law shall come into full force and effect upon its final passage.
6. This by-law may be cited as the "Minor Soccer Loan Agreement By-law"
READ a FIRST and SECOND TIME this 18th day of April, 2007.
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erk
READ a THIRD TIME and FINALLY PASSED this
of
,2007.
Mayor
Clerk