HomeMy WebLinkAbout18 132 Tiverton Reunion Loan Agreement By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
, 7CTAA(ITYOF OO
BY-LAW
NO. 2018 - 132
BEING A BY-LAW TO AUTHORIZE A LOAN AND ENTER INTO AN
AGREEMENT WITH THE TIVERTON 2019 REUNION.
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 Tiverton 2019
Reunion 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 Tiverton 2019 Reunion in the amount of $20,000,
attached hereto as Schedule A.
• 2. That the loan agreement with the Tiverton 2019 Reunion 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 Tiverton 2019 Reunion, 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 "Tiverton 2019 Reunion Loan
Agreement By-law".
READ a FIRST and SECOND TIME this 21st day of November, 2018.
READ a THIRD TIME and FINALLY PASSED this 21st day of November, 2018.
• Mayor Clerk
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
• (Hereinafter called"Kincardine")
-and-
TIVERTON 2019 REUNION
(Hereinafter called "Reunion 2019")
RECITALS
1. In 2019 Tiverton will celebrate the 2019 Tiverton Reunion. The event to
begin June 28111, 2019 and conclude July 1st, 2019.
2. Council has approved a$20,000 loan to Reunion 2019.
3. The loan is to be an interest free loan, due payable upon the financial
closing of the Reunion 2019.
4. The request was made after the 2018 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 2019 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 2019. This repayment shall not
extend beyond March 1, 2020.
2. USE OF THE LOAN
The proceeds of the loan shall be used for any bonafide Reunion 2019
• activity.
3. OBLIGATIONS AND DISCLOSURES BY THE REUNION 2018
Reunion 2019 will submit to Kincardine upon completion of Reunion
2019 a community report and a plan outlining the dispersal of surplus
funds to community groups.
4. DEFAULT
Reunion 2019 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
2019 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
O The administration of this agreement on behalf of the Municipality of
Kincardine shall be conducted by the Municipal Treasurer and the
Reunion 2019 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 2019 and not be assigned
without the consent of Kincardine as authorized by By-law.
Signed Sealed and witnessed by the parties hereto:
TIVERTON 2019 REUNION
Heather Convay
Signed with ConsignO Cloud(2018/10/25)
Verify with Consi nO or Adobe Reader.
Witness Heather bonvay
Kelly Catto
• Sided with fnsi nO r Ado(efR ader.
kelly C�nagtO r Adobe Reader
THE CORPORATION OF THE
MUNICIPALITY OF KINCARDINE
Authorized by By-law No. 2018 — 133-
Passed the Ivoccnnbe �
i a� 2018 Anne Eadie
Sig^ed with Ce^sig^8 Ced(298n)
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Sharon Chambers
Signed
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�(2018/11/07)
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