HomeMy WebLinkAbout11 016 Paddy Walker Heritage Society Loan Amendment Agreement By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY-LAW
NO. 2011 — 016
BEING A BY -LAW TO AMEND BY -LAW 2007 -286 — BEING A BY -LAW TO
AUTHORIZE A LOAN AND ENTER INTO AN AGREEMENT WITH THE PADDY
WALKER HERITAGE SOCIETY
• 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 being in the interests of the Municipality;
AND WHEREAS with the passage of By -law No. 2007 -286 Council entered in to
a loan agreement with the Paddy Walker Heritage Society in the amount of
$100,000.00;
AND WHEREAS the Paddy Walker Heritage Society has requested a change to
their repayment terms and conditions found in Schedule 'A' to the agreement;
AND WHEREAS the Council of the Municipality of Kincardine deems it
acceptable to modify the said Schedule 'A' to reflect the changes requested;
NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That Section 1.01 Schedule 'A' of By -law No. 2007 - 286 be hereby
amended to read as follows:
• 1) At the end of the years 2009 through 2013, the Society shall
repay a sum of $5,000.00 per year. At the end of 2013, a
total of $25,000.00 shall be repaid (Installment #1)
2) At the end of years 2014 through 2021 the Society shall
repay a sum of $9,375.00 per year. At the end of 2021 a
total of $75,000.00 shall be repaid (Installment #2)
Repayment for 2009 and 2010 will become due on
December 31 of the assigned year. Repayments for 2011
through to 2021 will become due on January 31 of the
following year and upon completion of repayments in
installments #1 ($25,000.00) and installment #2
($75,000.00), the total repayment of $100,000.00 is deemed
repaid.
2. That the Mayor and Chief Administrative Officer be authorized and
directed to sign and execute, on behalf of the Council of The Corporation
of the Municipality of Kincardine, the amendment agreement with the
• Paddy Walker Heritage Society attached hereto as Schedule 'A' and to
affix the corporate seal.
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The Paddy Walker Heritage Society Loan Amendment Agreement By -law
By -law No. 2011 — 016
• 3. This by -law shall come into full force and effect upon its final passage.
4. This by -law may be cited as the "The Paddy Walker Heritage Society Loan
Amendment Agreement By -law ".
READ a FIRST and SECOND TIME this 26 day of January, 2011.
B5.,„„02.fratistoy
Mayor Cle&
READ a THIRD TIME and FINALLY PASSED this 26 day of January, 2011.
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'Mayor Clerk
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PADDY WALKER HERITAGE SOCIETY AMENDMENT AGREEMENT
• Agreement made this (¢*` day of , hant,(Qrt , 2011
BETWEEN:
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
(Hereinafter called 'Kincardine')
THE PADDY WALKER HERITAGE SOCIETY
(Hereinafter called The Society')
RECITALS
1. Kincardine and The Society entered into a loan agreement on October 03, 2007.
2. The repayment date to be changed from December 31 to January 31 to fall in
line with their revenue flows.
NOW THEREFORE In consideration of this agreement and other good and valuable
consideration it is agreed by the parties as follows:
1. Schedule 'A' of the original agreement is amended as follows:
1. At the end of the years 2009 through 2013, the Society shall repay
a sum of $5,000.00 per year. At the end of 2013, a total of
$25,000.00 shall be repaid (Installment #1)
2. At the end of years 2014 through 2021 the Society shall repay a
sum of $9,375.00 per year. At the end of 2021 a total of $75,000.00
shall be repaid (Installment #2)
Repayment for 2009 and 2010 will become due on December 31
of the assigned year. Repayments for 2011 through to 2021 will
become due on January 31 of the following year and upon
completion of repayments in installments #1 ($25,000.00) and
installment #2 ($75,000.00), the total repayment of $100,000.00 is
• deemed repaid.
Signed, sealed and witnessed by the parties hereto:
THE SOCIETY
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Witness P te President: /c"
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Treasurer:
THE CORPORATION OF THE
MUNICIPALITY OF KINCARDINE
•
Mayor — L.. Kraemer
CAO - John deRosenroll