1994-155 Authorize the Use of a Grid Promissory Note
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CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO. 94-155
Being a By-Law to Authorize the Use of a Grid Promissory Note
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WHEREAS it is in the interests of The Corporation of the Township
of Oro-Medonte to borrow from THE TORONTO DOMINION BANK (the
"Bank") in such amounts as may be necessary for the corporation's
purposes.
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AND WHEREAS the Corporation wishes to furnish from time to time to
the Bank as evidence of such borrowing a GRID PROMISSORY NOTE
("Grid Note") in the form of that attached to this By-law and
marked "Appendix "A".
THEREFORE the Council of The Corporation of the Township of Oro-
Medonte enacts as follows:
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THAT the Mayor and Treasurer of the corporation who are or may be
from time to time authorized to execute and deliver PROMISSORY
NOTES as evidence of the Corporation's indebtedness to the Bank are
hereby authorized to execute and deliver from time to time a Grid
Note in such maximum amount and at a rate of interest referable to
the Bank's prime rate as they may determine:
AND THAT the Bank or its employees be and are hereby authorized to
record on the reverse of the Grid Note all advances to the
Corporation or repayments of such advances and to calculate the
resulting unpaid principal balance of the Corporation indebtedness,
provided that at no time shall the said unpaid principal balances
(The "Principal") exceed the maximum principal sum as stated on the
face of the Grid Note.
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BY-LAW READ A FIRST AND SECOND TIME THIS 14TH DAY OF DECEMBER,
1994.
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 14TH DAY OF
DECEMBER, 1994.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
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MAYOR, IAN BEAR
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/ CLERK, DARLENE SHOEBRIDGE ,I
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APPENDIX "AIf
TO BY-LAW NO. 94-155
12795 GRID PROMISSORY NOTE
$4.000.000.00
66 Dunlop st. &
Owen st. December 1994.
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On Demand for value received The Corporation of the Township
of Oro-Medonte promises (s) to pay to THE TORONTO DOMINION BANK
(the "Bank") or order at the above Branch, in lawful money of
Canada, the lesser of -
(i) the principal sum of Four Million Dollars
($4,000.000.00) Dollars (together with interest as
determinable below) and
(ii) the unpaid principal balance of all advances (together
with interest as determinable below) made by the bank to
the undersigned as recorded by the Bank on the grid on
the reverse hereof and, if one or more grids are attached
hereto, on the grid(s) sequentially numbered from the
grid on the revers hereto.
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Entries recorded by the Bank or its employees on the reverse of the
Grid Note and on the grid(s) sequentially numbered from the grid on
the reverse, shall be prima facie evidence, unless within 30 days
of receipt of the copy of the entries made on the reverse of the
Grid Note and on any grid(s) sequentially numbered ("the Entries")
the undersigned claims and establishes that an error has been made.
The undersigned shall receive a copy of the Entries from time to
time and the failure of the undersigned to claim and establish an
error in the Entries within 30 days from receipt of the copy of the
Entries, shall preclude the undersigned from objected to the
Entries thereafter, and the Entries shall then be admissible in any
proceedings as full and conclusive evidence of the principal and
shall be binding on the undersigned to the same extent and effect
as though all the Entries had been made pursuant to written
instructions from the undersigned.
The principal amount (including any overdue interest) outstanding
hereunder shall bear interest calculated and payable monthly from
and including the date hereof until paid, before and after default
or judgement, at the Bank's prime rate.
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Prime rate means the rate of interest per annum established and
reported by the Bank to the Bank of Canada from time to time as the
reference rate of interest for the determination of interest rates
that the Bank charges to customers of varying degrees of credit
worthiness in Canada for Canadian dollar loans made by it in
Canada.
The undersigned hereby acknowledges(s) that the undersigned will be
bound by any and all changes of the prime rate irrespective of
whether or not the Bank has directly notified the undersigned of
any such changes.
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This note is given under the authority and terms of By-Law No. 94-
155 passed in Council the 14th day of December, 1994.
Signed on behalf of the said corporation by the Mayor and Treasurer
of the Municipality.
cL_ ffee-4/
Beard
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