HomeMy WebLinkAboutCD-25-99
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THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
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REPORT
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMrJerEE lJih ~7r
Date: July 5, 1999 Res. #~Plt- 3tD-:1f
Report #: CD-25-99 By-law # qc;- 0/7
Subject:
TRUST AGREEMENT RESPECTING ADVANCE FUNDING BY THE
ONTARIO LOTTERY CORPORATION TO ORONO AMATEUR
ATHLETIC ASSOCIATION
It is respectfully recommended that the General Purpose and Administration
Committee recommend to Council the following:
1. THAT Report CD-25-99 be received;
2. THAT the Mayor and Municipal Clerk be authorized to execute a trust
agreement between the Municipality and the Orono Amateur Athletic
Association respecting the funds received from the Ontario Lottery
Corporation, Charity Roster Application-Advance Funding Program in the
amount of $45,000;
3. THAT the appropriate by-law be forwarded to Council; and
4. THAT the Orono Amateur Athletic Association be advised of Council's
decision and requested to forward the agreement to the Ontario Lottery
Corporation, Advance Funding Program.
BACKGROUND
At a special Council meeting held on January 25, 1999, Council approved the
allocation of $45,000 from the Advance Funding Program of the Ontario Lottery
Corporation to the Orono Amateur Athletic Association to assist with the cost of
construction of the currently planned expansion of the Orono Arena and
Community Centre. .
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Report CD-25-99
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July 5, 1999
The Municipality has been advised that the Province requires a trust agreement
to be entered into between the Municipality and the Athletic Association. This
will ensure that if the Municipality decides to sell the building, the Athletic
Association will get their investment back to be used in pursuit of the objects for
which the Association was incorporated. Accordingly, the attached agreement
has been drafted by the Solicitor and is recommended for execution.
Reviewed by
c),~~~~
Franklin Wu
Chief Administrative Officer
Enc
705
MUNICIPALITY OF CLARINGTON
BY-LAW 99-97
Being a by-law to authorize the execution of a trust
agreement between the Municipality of Clarington
and the Orono Amateur Athletic Association
WHEREAS the Council of the Municipality of Clarington adopted the
recommendations contained in Report CD-25-99 at their meeting held on July 5,
1999-06-29
NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE MUNICIPALITY
OF CLARINGTON:
1. THAT the Mayor and Municipal Clerk are hereby authorized to execute
and seal with the Corporate seal a trust agreement between the
Municipality of Clarington and the Orono Amateur Athletic Association
respecting the advancement of $45,000 from the Ontario Lottery
Corporation.
2. THAT Schedule "A" attached hereto shall form part of this by-law.
By-law read a first and second time this 5th day of July 1999.
By-law read a third time and finally passed this 5th day of July 1999.
Mayor
Municipal Clerk
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(UO
Schedule "Au to By-law 99-97
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THIS TRUST AGREEMENT made as of this 5th day of July, 1999.
BETWEEN:
THE CORPORATION OF THE MUNlCIP ALITY
OFCLARINGTON
(hereinafter called the "Municipality")
OF THE FIRST PART
ORONO AMATEUR ATlD..ETIC
ASSOCIATION
(hereinafter called the "Association")
OF THE SECOND PART
WHEREAS:
A. The Association is a non-profit corporation incorporated under the laws of the Province of
Ontario;
B. The Association wi'th the approval of the Municipality given on Febroary 4, 1999, applied
to the Ontario Lottery Corporation, Charity ROster Application-Advance Funding Program (the
"Corporation'') for an advance of $45,000.00: ('the "Advance") to help assist with the cost of
construction of the currently planned expansioll.ofthe Orono Arena and Community Centre;
C. The Municipality is the owner of the Orono Arena and Community Centre;
D. The Municipality and the Association have been advised by the Corporation that an advance
can only be made to the Association for the purpose referred to in Recital "B" if this Trost
Agreement is executed by the Municipality and the Corporation; and
E. The execution of this Trust Agreenient ia authorized by By-law No. 99-....2L passed by the
Council of the Municipality on the 5th day of July, 1999.
NOW THEREFORE WITNESSETH THAT in consideration of the premises and covenants
hereinafter expressed. and the sum of two ($2.00) dollars of lawful money of Canada, now paid by
each Party to the others (the receipt whereof by each Party is hereby acknowledged), the Parties
hereto covenant and agree to and with each other as follows:
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1. If (1) an Advance is made by the Corporation to the Association, (2) the amount of the
Advance is expended by the Association to help defray the cost of construction of the
currently planned expansion of the Orono Arena and Conununity Centre, and (3)
subsequently, the Municipality sells the fee simple estate in the Orono Arena and
Community Centre to any person, the Municipality will hold an amount of money equal to
the llIDOUDt of the Advance from the proceeds of such sale in trust for the Association for use
by the Association in pursuit of the objects fur which the Association was incorpOrated. The
Municipality will pay the money held in trust for the Association to the Association
forthwith after a written request for payment is aiven by the Association to the Municipality.
IN WITNESS WHEREOF the Parties hereto have executed this AlP'eement under seal.
THE CORPORATION OF THE
MUNICIPALITY OF CLARINGTON
Diane Hamre
MAYOR
Patti Barrie
CLERK
ORONO AMATEUR ATHLETIC
ASSOCIATION
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