1991-002 Oro
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9B CORPORATION 01' 9B TOWNSHIP 01' ORO
BY-LAW NO. 91-2
A By-Law to Authorize the Use of a Grid Promissory Note
WHEREAS, it is in the 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
the Bank as evidence of such borrowing a GRID PROMISSORY NOTE ("Gr
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
as they may determine.
12. THAT the Bank or its employees be and are hereby authorized
record on the reverse of the Grid Note all advances to the
Corporation or repayments of such advances and to calculate
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 7TH DAY OF JANUARY 1991
READ A THIRD TIME AND FINALLY PASSED THIS 7TH DAY OF JANUARY 1991
THE CORPORATION OF THE TOWNSHIP OF
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~eve Robert E. Drury
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cler Robert W. Small
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APPENDIX "A" to By-Law No. 91-2
12795 GRID PROMISSORY NOTE
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800,000.00
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On Demand for value received the Corporation of the Township of Oro promisesls)
to pay to THE TOI::.:mHO DOt"lINION B('~NI< (the "Bank ") Cq- Or-dE!r i:;\.t the abo\!e Branch,
In lawful money of Canada, the lesser of -
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the principal sum of
Eight Hundred Thousand
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( ;~~~~JJ'[~~~~~~~.~_-~:-DO..LLPIF:.S-(t-~,g-~ti;;.-j=-~~it;~}-i.;t;;;~:~t-...~~..-d~..t~..;:.m i nab I e bE-: I D.~) and
Iii) 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 rever 52 hereto.
Entries recorded by the Bank Dr 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
Gj-id Note and on any g1-id(s) seqUE,:mtially numben~d (lithe Entdes") thE' under-signed 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 Entr-ies 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 cl.fte1- defaul t Cq- judgement, at the Bank> s pl-ime r"ate ~K::g:x~_:c.:c_}{~~~_:c.~:':~E~~-
~j!\:j!i:gj:Af~
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 acknDwledge(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 nClte is given uncJej- the authCtdt~ and tE'rms of By-La.w No. ..~_~..:_?__.._ pas5f~d in Council
the _~t:..~_._.._day cd _-!...c:.~~~~y:'_______. I fi ___~___._...._
Signed on behalf of the said
.- .aSLt\-er of the r-1uriicipality.
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Henry S~er