HomeMy WebLinkAbout07 287 Authorize Loan & Enter Agreement with Laura Haight & Nancy Telford (Kincardine Old Boys & Old Girls Reunion)
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BEING A BY-LAW TO AUTHORIZE A LOAN AND ENTER INTO AN
AGREEMENT WITH LAURA HAIGHT AND NANCY TELFORD (KINCARDINE
OLD BOYS & OLD GIRLS REUNION)
AND WHEREAS the Municipal Act, 2001 s. 107 authorizes a Municipality to
make a grant, by way of a loan to any person, group or body for any purpose that
the Council considers to be in the interests of1he Municipality;
AND WHEREAS Council has approved this loan by means of By-law No. 2007 -
71, being the consolidated budget for the Municipality of Kincardine;
AND WHEREAS the Council for The Corporation of the Municipality of
Kincardine deems it advisable to enter into a loan agreement with Laura Haight
and Nancy Telford (Kincardine Old Boys and Old Girls Reunion) in the amount of
$22,000.00;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That The Corporation of the Municipality of Kincardine approve a loan, in
the amount of $22,000.00 to Laura Haight and Nancy Telford (KIncardine
Old Boys and Old Girls Reunion).
2. That the loan is to be interest free, with payments due upon the financial
closing of the Reunion 2008.
3. That the Mayor and CAO be authorized to sign, on behalf of the
Corporation of the Municipality of Kincardine, the agreement with Laura
Haight and Nancy Telford (Kincardine Old Boys & Old Girls Reunion),
which is attached hereto as Schedule "A".
4. This by-law shall come into full force and effect upon its final passage.
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L.H & NT (Kincardine Old Boys & Old Girls Reunion) Loan Agreement By-law
By-law No. 2007 - 287
5. This by-law may be cited as the "L.H & NT (Kincardine Old Boys & Old
Girls Reunion) Loan Agreement By-law".
READ a FIRST and SECOND TIME this 3'd day of October, 2007.
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Clerk
READ a THIRD TIME and FINALLY PASSED this 3rd day of October, 2007.
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Clerk
Myc
11llsis SC'beda1e"..:1.. -toBy-Law
No. ..1M'e.AYlpassed1he~dar
of 6),).../,..... 2007
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KINCARDINE OLD BOYS & OLD GIRLS
"/yq
Agreement made this Q
day of O('mJbe.Y
BETWEEN:
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
(Hereinafter called "Kincardine")
eand_
LAURA HAIGHT AND NANCY TELFORD
(Kincardine Old Boys & Old Girls Reunion)
(Hereinafter called "Reunion 2008")
RECITALS
1. In 2008 Kincardine will celebrate the 2008 Old Boys & Old Girls Reunion.
The event to begin July 31st ,2008 and conclude August 4th ,2008.
2. Council has allocated and approved a $22,000 loan to Reunion 2008.
3. Council also dedicated a grant in the amount of$19,700 which was paid
out to the Reunion 2008 in 2007 budget year.
4. The loan is to be an interest free loan, due payable upon the financial
closing of the Reunion 2008.
5. Council has approved this loan by means of Byelaw # 2007-71, being the
consolidated budget for the Municipality of Kincardine in the year 2007.
1. THE LOAN
1.00 The application by Reunion 2008 to Kincardine for a loal'1 of $22,000 is
approved by Kincardine.
1.01 The loan shall be subject to the following Tenns and COl'1ditions:
-:- Principle amount of the loan - $22,000
-:- Interest rate - The loan shall be non-interest bearing
-:- Repayment - The principle of the loan shall be repaid
upon the financial closing of Renunion 2008, this
repayment shall not exceed March 1St, 2009 deadline
period.
2. CONDITIONS ON ADVANCE OF THE LOAN
2.1 Prior to advancing the loan, the Reunion 2008 shall deliver to Kincardine
proof of the following matters:
(a) A bank account has been opened in the name of The Kincardine
Old Boys & Old Girls Reunion.
(b) Upon the completion of Reunion 2008, the Reunion Committee
agrees to provide Council with a presentation outlining the
highlights of Reunion 2008 and the list of Community groups who
may become benefactors of any Reunion 2008 surplus fUnds.
(c) That Reunion 2008 shall provide the Municipality with a copy of its
liability insurance policy and such policy shall both indemnify and
include the Municipality of Kincardine as an additional insured.
INDEMNITY CLAUSE
The Reunion 2008 agrees to indemnify and hold harmless the Municipality
from and against all suits, judgments, claims, demands, expenses actions,
causes of action and losses and for any and all liability for damages to
property and injury to persons (including death) which the Municipality
may incur, othelWise than by reason of their own negligence or willful
misconduct, as a result of or arising out of or in relation to any breach of
the terms of this Agreement, orthe Municipality's own negligence or willful
misconduct.
INSURANCE
Reunion 2008 shall put in effect and maintain in its name, at its expense,
all the necessary insurance that would be considered appropriate for a
prudent undertaking this type of operation for the period during which the
Agreement is in effect with insurers acceptable to the Municipality,
including:
1. Commercial General Liability Insurance, for third P<'lrty bodily
injury, personal injury and property damage to an inclusive
limit of not less than Two Million Dollars ($2,000,000) per
occurrence. The policy shall include:
a) The Corporation of the Municipality of Kincardine as an
additional insured;
b) Cross liability
c) Contractual liability;
d) A thirty (30) day written notice of cancellation
2. Reunion 2008 shall provide the Municipality with a valid
Certificate of Insurance as evidence of the above coverage's
prior to June 15111,2008.. Reunion 2008 shall provide the
Municipality with any renewal replacement certificates as
may be necessary during the term of the Agreement.
3. USE OF THE LOAN
The proceeds of the loan shall be used for any bonafide Reunion 2008
activity.
4. OBLIGATIONS AND DISCLOSURES BY THE REUNION 2008
4.1 Reunion 2008 will submit to Kincardine upon completion of Reunion 2008
a community report and a plan outlining the dispersal of surplus funds to
community groups.
5. DEFAULT
5.1 Reunion 2008 agrees that in the event of a default on the payment of the
loan as agreed in Article 1.01, a delegated member of Reunion 2008 shall
forthwith or as othelWise agreed with Kincardine, appear as a public
delegation at a meeting of the Council of Kincardine in office at the time of
such default to explain the reason for the default and answer any
questions that the Council may have relating to the status of the loan.
6. FURTHER DISCLOSURE AND ADMINISTRATION OF AGREEMENT
6.1 The administration of this agreement on behalf of Kincardine shall be
conducted by the Municipal Treasurer and the Reunion 2008 shall report
to and deliver all reports, certificates and make all loan payments to the
Treasurer as required by this agreement.
7. ASSIGNMENT
7.1 This agreement shall be binding on Reunion 2008 and not be assigned
without the consent of Kincardine as authorized by By-law.
7.2 This agreement attaches the August 20, 2007 Reunion loan letter from
Maureen Couture, Treasurer of the 2008 Kincardine Old Boys & Girls
Reunion Committee for information purposes only.
Signed Sealed and witnessed by the parties hereto:
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Authorized by By-law No.
Passed the day of
,2007
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E OLD BOYS &
ON
fM{AM6~' Juti /
Nancy Tel rd -
THE CORPORATION OF THE
MUNICIPALITY OF KINCARDINE
It ).-~_.^~
CAO - John deRosenroll
~incardine Old Boys & Old Girls Reunion
P.O. Box 2008
Kincardine. Ontario
N2Z2Y6
.reunion.secretary@tnt21.com
'NN\N .kincardinereunion.org
August 20, 2007
John deRosenroll
CAD
Municipality of Kincardine
1475 Concession 5. RR #5
Kincardine. ON N2Z 2X6
Dear John:
Re: 2008 Old Boys & Girls Reunion Loan
The Kincardine 2008 Old Boys & Girls Reunion Committee recently
received its 2007 grant from the Municipality in the amount of $19.200. It is
sincerely appreciated.
The municipality also 9pproved a loan 10 the Reunion Committee in the
amount of $22,000. This letter is to advise the municipality that this loan will be
repaid by September 30, 2008, once all revenues and expenditures have been
accounted for. It is estimated that the Reunion will realize in excess of $100,000
to put back into the community. In the extremely unlikely evenl that the Reunion
Committee does not realize a profit in excess of $22.000, the Committee
commits to carrying out fund raising events to repay the loan within 12 months of
the 2008 Reunion. Again, I reiterate that this is an extremely unlikely situation,
but our commitment to repaying the $22,000 is finn.
If you require any further information in order to process the loan, please
do not hesitate to contact me. I understand that a short agreement and by-law is
required, and hopefully this can be completed by the end'of September, 2007.
'\II" ~ ),. "jilt' t:'", . .
. . Smcerely,
fi~
Maureen Couture, Treasurer
2008Klncardine Old Boys & Girls
Reunion Committee
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