1990-002 Oro
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THE CORPORATION OF THE TOWNSHIP OF ORO
BY-LAW NO. 90- 2
A By-Law To Authorize the Use of a Grid
Promissory Note
WHEREAS it is in the interests 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 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 or 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 2nd day of January, 1990.
READ a Third Time and Finally Passed this 2nd day of January, 1990.
THE CORPORATION OF THE TOWNSHIP OF ORO
/If t: ~
Re{ve, Robert E. Drury
CUffU'
Administrator/Clerk, Robert W. Small
Appendix "A" to By-Law No. 90- 2
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On Demand f(r value re:elved the CDrp~ratiDn of the Townshlp Df Oro prom13es(S)
to !=ay to THE TORONTO DOMINION BAN~: (the "8ank"\ [oj" c.reef' at the ab'.:,ve 8)'an:h~
In lawfu. ffionev of Canada~ the lesser of -
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(I) the prIncipal Sl"m cf _~~~~1:__~~Y.1.~r:.~~_!~~~~~Y.1.~__________
($~~~~~~~~~~=====)-DOLLARS-(t~g;th;~~-~ith-i~t;~;~t-~~-d;t;~m i nab ~ e be lClw) ard
(ii) the unpaid principal balance of all ad~ances (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 frc;m 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 t~e undersigned from objecting to the Entries thereafter~ and the Entries shall
then be admissible in iry proceedings as full and conclusive eVIdence of the Principal and
shall be blnding c.n the underslgned tCI the same e::tent and effect as thC1llgh all the
Entries had been made pursuant to written instructions from the undersigned.
The principal amount lincludlng ary overdue interest) outstanding hereunder shall bear
interest calculated and payable mont~ly fr8m and including the date hereof until paid~
bef'c.re and afte;- defaLll t or judgement ~ at the Bank 1 s prime J"ate ~~a~X~~~~~~~~~~_~~~~~~X~~'
a:tIXJ}(j)6X
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 c.f
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 acknowledgeCs) that the undersigned will be bound by any and all
changes af the prime rate lrrespective of whetner Dr not the Bank has directly notified
the undersigned of any such changes.
This note is given under the allthc,rity and terms c,f By-Law No. ~Q:~__ passed in Council
the .4BG___day af __.J.Q.llYQCl_____. 19 _~Q._____'
Signed on behalf of the sald Corporation e Reeve and Treasurer of the M~nicipality.
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R_ ve KO ert c. Dfur~
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Sander-----
Treasurer
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