HomeMy WebLinkAbout83-134
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW 83-134
being a by-law to authorize the execution of
an Agreement with the Canadian Imperial
Bank of Commerce
The Council of the Corporation of the Town of Newcastle
HEREBY ENACTS AS FOLLOWS:
That the Mayor and Clerk are hereby authorized to execute on
behalf of the Corporation of the Town of Newcastle, and seal
with the Corporation Seal, an Agreement between the Canadian
Imperial Bank of Commerce, and the said Corporation, to establish
a Deposit Investment Account for the General Account and the
Coupon and Debenture Account, terms as shown on Schedule ItXIt.
By-Law read a first time this 26th day of September 1983
By-Law read a second time 26th day of September 1983
By-Law read a third time and finally passed this 26th day of September 1983
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SCHEDULE "X" TO BY-LAW 83-134
KING AND TEMPERANCE
BOX 99
BOWMANVILLE. aNT,
L 1 C 3K8
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PLEASE ADDRESS REPLY TO
THE MANAGEB .
CANADIAN IMPERIAL
BANK OF COMMERCE
September 20, 1983.
The Corporation of the Town of Newcastle,
40 Temperance St.,
Bowmanville, Ontario.
LlC 3A6
Dear Sir:
RE: DEPOSIT INVESTMENT ACCOUNT AGREEMENT
Relative to the establishment of a Deposit Investment Account to be operated
on behalf of The Corporation of the Town of Newcastle hereinafter referred to as
the "Customer" we note below the terms for operating the account:
1. All deposits will be credited to the Deposit Investment Account.
2. No cheques are to be written on the Deposit Investment Account.
3. As necessary, the Bank will create debit entries to transfer
sufficient funds from the Deposit Investment Account to the
Operating/Disbursement Accounts as recorded on Schedule "A"
attached, to bring the closing balances of these accounts to
zero each day. Other such Operating/Disbursement Accounts may
be added to the system as required, upon receipt of advices
from the "Customer" in writing.
4. The "Customer" acknowledges that the Bank reserves the right
of requesting 24 hours notice of intended withdrawal of funds
from this account.
5. The "Customer" retains the right to request that part or all
of the balance in the account be transferred to the General
Account, on 24 hours notice.
6. The maximum daily closing balance in this account which will be
recognized for interest purposes will be $6,000,000.00.
7. Other than for ordinary operating funds, the "Customer" undertakes
to advise the Bank at least 24 hours prior to making any deposits
in excess of $750,000.00.
8. Interest will be calculated and paid monthly in arrears on
-2-
Deposit Investment Account Balances in accordance with banking
arrangements established from time to time.
9. Interest will be credited to the Deposit Investment Account.
Kindly acknowledge receipt of this advice and your concurrence with the
terms by signing and returning the attached copy of this agreement.
Yours truly,
JE/bs
Date:kl-Jh-'~~' : I flY
We acknowledge receipt of this
QAlft)RoDf 111f"lwrr~ftNEWOASTLE
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DEPOSIT INVESTMENT ACCOUNT (D.I.A.)
SCHEDULE "A"
AGREEMENT DATED M~ ~) 1984
ACCOUNT TO BE ZERO-BALANCED DAILY TO THE D.I.A.
1) RESERVE ACCOUNT
#26-01818