HomeMy WebLinkAboutTIV 91 036 agree trustee BMTS
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THE CORPORATION OF THE VILLAGE OF TIVERTON
BY-LAW NUMBER 1991-.3~
BEING A BY-LAW to authorize the execution of an agreement with Bruce
Township in its capacity as trustee of the assets of the Bruce Municipal Telephone
System ("BMTS" and Bruce Township, in its own capacity with respect to the
conversion of the BMTS into a public utility (the "Conversion").
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WHEREAS the Corporation of the Village of Tiverton wishes to assent to
the proposed distribution of the proceeds of the Conversion upon and subject to the
terms and conditions contained in the Conversion Price Payment and Assignment
AGREEMENT (the "Agreement"), which is to be dated upon receipt of the appropriate
regulatory approvals and the closing of the transactions contemplated by the
Conversion.
AND WHEREAS, the Corporation of the Village of Tiverton agrees to the
percentage entitlement set out in Schedule "A" to the Agreement, for execution on
behalf of the Corporation of the Village of Tiverton, evidencing the municipality's
assent to the terms and conditions of the Agreement.
NOW THEREFORE, the Council of the Corporation of the Village of Tiverton
ENACTS AS FOLLOWS:
THAT the Corporation of the Village of Tiverton execute into the
Agreement; and
THAT the Reeve and Clerk be and are hereby authorized to execute the
Agreement and to affix thereto the Corporation Seal of the Village of Tiverton.
By-law introduced and read a First, Second and Third Time and finally
Passed, Signed, Sealed, and Numbered this (Xif-clv day of ~~ 1991.
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