HomeMy WebLinkAbout16 067 Kincardine Old Boys & Old Girls Reunion Inc. Loan Agreement By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY -LAW
NO. 2016 - 067
BEING A BY -LAW TO AUTHORIZE A LOAN AND ENTER INTO AN
AGREEMENT WITH THE
KINCARDINE OLD BOYS & OLD GIRLS REUNION INC.
WHEREAS Section 8 (1) and 9 of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provide that the powers of a municipality under this or any other Act
• shall be interpreted broadly so as to confer broad authority on the municipality to
enable the municipality to govern its affairs as it considers appropriate and to
enhance the municipality's ability to respond to municipal issues and has the
capacity, rights, powers and privileges of a natural person for the purpose of
exercising its authority under this or any other Act;
AND WHEREAS the said Municipal Act 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 of the Municipality;
AND WHEREAS the Council of The Corporation of the Municipality of Kincardine
deems it advisable to enter into a loan agreement with the Kincardine Old Boys &
Old Girls Reunion Inc. in the amount of $20,000;
NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That The Corporation of the Municipality of Kincardine enter into a loan
agreement with the Kincardine Old Boys & Old Girls Reunion Inc. in the
• amount of $20,000, attached hereto as Schedule A.
2. That the loan agreement with the Kincardine Old Boys & Old Girls
Reunion Inc. be exempt from Policy GG.2.19 Municipal Loans to
Ratepayers.
3. That the Mayor and Chief Administrative Officer be authorized and
directed to execute, on behalf of The Corporation of the Municipality of
Kincardine, loan agreement with the Kincardine Old Boys & Old Girls
Reunion Inc., attached to this by -law as Schedule `A'.
4. That this by -law shall come into full force and effect upon its final passage.
5. That this by -law may be cited as the "Kincardine Old Boys & Old Girls
Reunion Inc. Loan Agreement By -law ".
READ a FIRST and SECOND TIME this 1st day of June, 2016.
READ a THIRD TI and FINALLY PASSED this 1st day of June, 2016.
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Deputy Mayor Clerk
This is Schedule " " to By -Law
No. 61 i ° passed the day
of June-- 2010
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
(Hereinafter called "Kincardine ")
-and -
KINCARDINE OLD BOYS & OLD GIRLS REUNION INC.
(Hereinafter called "Reunion 2018 ")
RECITALS
1. In 2018 Kincardine will celebrate the 2018 Old Boys & Old Girls
Reunion. The event to begin August 2 2018 and conclude August 6th,
2018.
2. Council has approved a $20,000 loan to Reunion 2018.
3. The loan is to be an interest free loan, due payable upon the financial
closing of the Reunion 2018.
4. The request was made after the 2016 municipal budget was
approved and finalized, and therefore a budget amended will be
required to include this $20,000 interest -free loan.
1. THE LOAN
1.1 The application by Reunion 2018 to Kincardine for a loan of $20,000 is
approved by Kincardine.
1.2 The loan shall be subject to the following Terms and Conditions:
• Principle amount of the loan - $20,000
• Interest rate -The loan shall be non - interest bearing
• Repayment- The principle of the loan shall be repaid upon the
financial closing of Reunion 2018. This repayment shall not
extend beyond March 1, 2019.
2. USE OF THE LOAN
The proceeds of the loan shall be used for any bonafide Reunion 2018
activity.
3. OBLIGATIONS AND DISCLOSURES BY THE REUNION 2018
Reunion 2018 will submit to Kincardine upon completion of Reunion
2018 a community report and a plan outlining the dispersal of surplus
funds to community groups.
4. DEFAULT
Reunion 2018 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
2018 shall forthwith or as otherwise agreed with Kincardine, appear as
a public delegation at a meeting of the Council of the Municipality 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.
5. FURTHER DISCLOSURE AND ADMINISTRATION OF AGREEMENT
The administration of this agreement on behalf of the Municipality of
Kincardine shall be conducted by the Municipal Treasurer and the
Reunion 2018 shall report to and deliver all reports, certificates and
make all loan payments to the Treasurer as required by this
agreement.
6. ASSIGNMENT
This agreement shall be binding on Reunion 2018 and not be assigned
without the consent of Kincardine as authorized by By -law.
Signed Sealed and witnessed by the parties hereto:
KINCARDINE OLD BOYS & OLD GIRLS
REUNION INC.
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I Y itness Litter .-
Jennifer Co;
THE CORPORATION OF THE
MUNICIPALITY OF KINCARDINE
Authorized by By -law No. 2016 —O'6 9
Passed the 1st day of June, 2016 _ ��«
Mayor — Anne
`C�-
CAO — Murray Clarke