1992-002 Oro
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THE CORPORATION OF THE TOWNSHIP OF ORO
BY-LAW NO. 92-2
Being a By-Law to Authorize the Use of a Grid Promissory Note
WHEREAS, it is in th& interest of the corporation of the Township
of Oro to continue to borrow from the TORONTO DOMINION BANK (the
"Bank") in such amounts as may be necessary for the Corporation's
purposes;
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"";
NOW THEREFORE, The Corporation of the Township of Oro enacts as
follows:
1. THAT the Head 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 I
as they may determine.
2. 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 of repayments of such advances and to calculate
the resulting unpaid principal balance of the Corporation's
indebtedness, provided that at no time the said unpaid
principal balance (the "Principal") shall exceed the maximum
principal sum as stated on the face of the Grid Note.
READ A FIRST AND SECOND TIME THIS 6TH DAY OF JANUARY 1992
READ A THIRD TIME AND FINALLY PASSED THIS 6TH DAY OF JANUARY 1992
THE CORPORATION OF THE TOWNSHIP OF ORO
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Re~e, Robert E. Drury
L22, Lu p./ _~ /v. P fiK- .
~lerk, Darlene S oebridge
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APPENDIX "A" to By-Law No. 92- 2
12795 GRID PROMISSORY NOTE
$800,000.00
66 Dunlop Street & Owen Street
Branch
January 1992
~
On Demand for value received the Corporation of the Township
of Oro 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 Eiqht Hundred Thousand
_($800,000.00) 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) ~equentially numbered from the grid on the reverse
hereto.
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 objecting 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, ~t the Bank's prime rate.
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 acknowledge(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.
This note is given under the authority and terms of By-Law No. 92-
passed in Council the 6th day of January, 1992.
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Signed on behalf of the said
of the Municipality.
Corporation by the Reeve and Treasurer
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Re~, Robert E. Drury
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Treasurer, W. Henry Sander