HomeMy WebLinkAbout99-97 t A
THE CORPORATION OF THE 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 fi.."
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.
Acting Mayor
9
Municipal Clerk
• Schedule "A" to By-law 99-97
THIS-TRUST AGREEMENT made as of this 5th day of'July, 1999.
BETWEEN:
THE CORPORATION OF THE MUNICIPALITY
OF CLARINGTONI
(hereinafter called the"Municipality")
OF THE FIRST PART
ORONO AMATEUR ATHLETIC
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 with the approval of the Municipality given on Februi ry 4, 1999, applied
to the Ontario Lottery Corporation, Charity Raster 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 expansion.of the 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 Trust
Agreement is executed by the Municipality and the Corporation; and
E. The execution of this Trust Agreement is authorized by By-law No. 99- 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 Parry 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:
-2-
1• If(1) an Advance is made by the Carpoiation to the Association, (2) the amount of the
Advance is expanded by the Association to help defray the cost of construction of the
eun=uy Planned expansion of the Orono Arena and Cetnmunity Centre, and (3)
subsequently, the Municipality sells the fee simple estate in the Orono Ama and
Community Centre to any Person,the Municipality will hold an amount of money equal to
the==wI of the Advance fmm the proceeds of such We in trust for the Association for use
by the Association in pursuit of the objects for which the Association was incorporam 'The
Municipality will pay the money held in trust for the Association to the Association
forthwith after a written request for payment is given by the Association to the Municipality,
IN WITNLU Wl"IMOF the Parties hereto have executed this Agreement under seal.
TEM CORD TION OF THE
CIP OF C.LAZUNG T OT.q
Acting avugy +c
Patti Bun• CLERK
ORONO AMATEUR ATEIETIC
ASSOCIATION
Name: Tim:
Name: Title: