HomeMy WebLinkAbout83-12
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THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NUMBER 83- 12
being a By-law to authorize the execution of an Agreement with Her
Majesty the Queen, in right of the Province of Ontario, as
represented by the Minister of Municipal Affairs and Housing.
The Council of the Corporation of the Town of Newcastle hereby enacts
as follows:
1 . THAT the Mayor and Cl erk are hereby authori zed to execute on
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behalf of the Corporation of the Town of Newcastle, and seal with the
Corporation's seal, an Agreement between Her Majesty the Queen, in
right of the Province of Ontario, as represented by the Minister of
Municipal Affairs and Housing, and the said Corporation dated the lot.(
day of FthtLu.r1, 1983, in the fonn attached hereto as Schedule
II X" .
2. THAT Schedule "X" attached hereto forms part of this
by-law.
BY-LAW read a second time this 24th
day of January
day of January
1983
1983
BY-LAW read a fi rst time thi s 24th
BY-LAW read a third time and finally passed this
24th
day of
January
1983
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G. B. R I CK 0, . R
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THIS AMENDING AGREEMENT made the 10th day of February, 1983
BET WEE N
HER MAJESTY THE QUEEN IN RIGIIT OF TIlE
PROVINCE OF ONTARIO AS REPRESENTED BY
THE MINISTER OF MUNICIPAL AFFAIRS AND
HOUSING OF THE PROVINCE OF ONTARIO
hereinafter called "the Minister"
- and -
TilE CORPORATION OF TilE TOWN OF NEWCASTLE
hereinafter called "the Town"
lvllEREAS
(1)
The Minister (then the Minister of Housing)
entered into an Agreement I"ith the Town dated
the 11th of March, 1977 (hereinafter called
"the Original Agreement") to provide an
interest-free loan to the Town to assist In
payment of the project described in that
Ori!!inaI Agrccmcnt;
e
(2)
The Minister and the To\"n nOI" \"ish to amend
the Original Agreement.
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THEREFORE, this Amending Agreement \"itnesses that in consideration
of the mutual covcnants hereinafter set out, the Minister and
the Town covcnant and agree \"i th one another as follows:
1. The Original Agreement is hereby amended by:
(a) Striking out the third recital on page 1 beginning:
"AND WHEREAS the Minister has entered. .."
and ending "... called the Land".
(b) Adding to subsection (2) of section 1 the following:
"except that no advance shall be made under
this Agreement after the 31st day of March,
1983, and if any money advanced under this
Agreement is not used for the purpose for
which it was advanced, by the 31st day of
March, 1984, it shall in~ediately become
due and be repayable to the Minister."
I By.law No..-1).::-J.L._.-1
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lC) Striking out subsection (4) of sect ion 1, ano by
ins e r tin g the foIl Old n gin its P 1 ace:
(4) the loan shall be repaio to the Minister in
15 equal annual instalments commencing on
the earlier of the third anniversary of the
first advance on this loan or the 31st day
of March, 1986, calculated at 1/15th of the
total amount advanced, and the Town shall
continue to make payments all each subsequent
anniversary of the first payment date until
the loan is fully paid.
( d ) S t r i kin g 0 u t the \\' 0 r d san 0 fig II I' e s :
"Total Amount of Loan from the Minister - $282,700.00"
on Schedule B, and by inserting the following:
"Addition to loan - 1983
$ 67,300.00
Tot a 1 Loan from th(' ~li n i s t er
$350,000.00"
2. The Original Agreement, as amended, shall remain
in full force ano effect.
IN WITNESS WHEREOF the Corporate party has signed this
document under seal and the Minister has signed pursuant
to his authorization by Order-in-Council.
MINIS'}TR OF MUNICIPAL AFFAIRS AND HOUSING
TilE CORPORATION OF THE TOWN OF NEWCASTLE
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