3115-2014 MERC Loan Agreement
BEING A BY-LAW TO AUTHORIZE AN AGREEMENT BETWEEN THE CORPORATION OF THE TOWNSHIP OF AUGUSTA AND MAITLAND EDUCATION RECREATION CORPORATION
Passed by Council August 11, 2014
THE CORPORATION OF THE TOWNSHIP OF AUGUSTA
BY-LAW NUMBER 2014-3115
A BY-LAW TO AUTHORIZE AN AGREEMENT BETWEEN
THE CORPORATION OF THE TOWNSHIP OF AUGUSTA
AND
MAITLAND EDUCATION RECREATION CORPORATION
WHEREAS the Municipal Act, 2001 c. 25 S.O. 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
MAITLAND EDUCATION RECREATION CORPORATION (incorporated without share
capital under the Ontario Corporations Act).
2. That the GAO/Clerk is hereby authorized to execute the agreement with MAITLAND
EDUCATION RECREATION CORPORATION.
READ a first and second time this 11th day of August, 2014.
READ a third time and passed this 11th day of August, 2014.
Signed by Reeve Mel Campbell and CAO/Clerk Pierre Mercier
BY-LAW 3115
SCHEDULE “A”
THIS AGREEMENT made this 11th day of August, 2014
BETWEEN: The Corporation of the Township of Augusta,
hereinafter called the “Corporation”,
OF THE FIRST PART
-and-
MAITLAND EDUCATION RECREATION CORPORATION.
WHEREAS the “MAITLAND EDUCATION RECREATION CORPORATION” are in the
process of completing major upgrades to the Maitland Education Recreation Corporation
Hall facilities;
AND WHEREAS the MAITLAND EDUCATION RECREATION CORPORATION has
requested that the Corporation assists with these upgrades by loaning the MAITLAND
EDUCATION RECREATION CORPORATION a sum of $8,827.00;
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 MAITLAND EDUCATION RECREATION
CORPORATION a total amount of $8,827.00.
2. MAITLAND EDUCATION RECREATION CORPORATION agrees that this loan will
be repaid in full on or before August 31,2019.
3. The parties agree that there will be no interest charged on this loan.
4. MAITLAND EDUCATION RECREATION CORPORATION 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 MAITLAND EDUCATION RECREATION CORPORATION has hereunto set
his hand and seal.
SIGNED, SEALED AND DELIVERED In the Presence of
the Corporation of the Township of Augusta per CAO/Clerk Pierre Mercier
As to the execution by MAITLAND EDUCATION RECREATION CORPORATION