2944-2012 Loan Agreement with Roebuck Education & Recreation Association
BEING A BY-LAW TO AUTHORIZE AN AGREEMENT BETWEEN THE CORPORATION OF THE TOWNSHIP OF AUGUSTA AND ROEBUCK EDUCATION AND RECREATION ASSOCIATION
Passed by Council June 11, 2012
THE CORPORATION OF THE TOWNSHIP OF AUGUSTA
BY-LAW NUMBER 2944
A BY-LAW TO AUTHORIZE AN AGREEMENT BETWEEN
THE CORPORATION OF THE TOWNSHIP OF AUGUSTA
AND
ROEBUCK EDUCATION AND RECREATION ASSOCIATION
WHEREAS the Municipal Act, 2001 c. 25 S.C. 2001 section 8 allows for the Powers of a
Natural Person and those powers may include the entering into an agreement.
NOW THEREFORE the Council of the Corporation of the Township of Augusta hereby enacts
as follows:
1. That the Corporation of the Township of Augusta enter into an agreement with Roebuck
Education and Recreational Association (incorporated without share capital under the
Ontario Corporations Act).
2. That the CAO/Clerk is hereby authorized to execute the agreement with Roebuck
Education and Recreation Association.
READ a first and second time this 1 l day of June, 2012.
READ a third time and passed this 1 1th day of June, 2012.
Signed by Reeve Mel Campbell and CAO/Clerk Michael Larocque
BY-LAW 2944
SCHEDULE “A”
THIS AGREEMENT made this 11th day of June, 2012
BETWEEN: The Corporation of the Township of Augusta,
hereinafter called the “Corporation”,
OFTHE FIRST PART
-and-
ROEBUCK EDUCATION AND RECREATION ASSOCIATION.
hereinafter called the “ROEBUCK EDUCATION AND RECREATION ASSOCIATION”,
OFTHE SECOND PART.
WHEREAS the “ROEBUCK EDUCATION AND RECREATION ASSOCIATION” are in the
process of completing major upgrades to the Roebuck Community Centre Hall facilities;
AND WHEREAS the ROEBUCK EDUCATION AND RECREATION ASSOCIATION has
requested that the Corporation assists with these upgrades by loaning the ROEBUCK
EDUCATION AND RECREATION ASSOCIATION a sum of $15,000.00;
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual
covenants hereinafter contained the parties hereto hereby covenant and agree as follows:
1. The Corporation will loan to the ROEBUCK EDUCATION AND RECREATION
ASSOCIATION a total amount of $15,000.00 prior to June 30, 2012.
2. ROEBUCK EDUCATION AND RECREATION ASSOCIATION agrees that this loan
will be repaid in full on or before June 30, 2016.
3. The parties agree that there will be no interest charged on this loan.
4. ROEBUCK EDUCATION AND RECREATION ASSOCIATION will provide the
Corporation with a business plan identifying how the loan will be repaid and annual
financial statements
IN WITNESS THEREOF the Corporation has caused its Corporate Seal to be affixed as
attested to by the hands of its proper Officers in that behalf and the authorized signing
authority for ROEBUCK EDUCATION AND RECREATION ASSOCIATION has hereunto
set his hand and seal.
SIGNED, SEALED AND DELIVERED In the Presence of the Corporation of the Township of Augusta
PER: Signed by CAO/Clerk Michael Larocque
As to the execution by ROEBUCK EDUCATION AND RECREATION ASSOCIATION
