THE CORPORATION OF THE TOWNSHIP OF NIPISSING

BY-LAW NUMBER 1044

Being a By-Law to authorize a loan in the amount of $440,767.000.

WHEREAS The Municipal Council of the Corporation of the Township of Nipissing now deems it expedient to borrow money by way of a loan from the Royal Bank of Canada;

AND WHEREAS The Municipal Act, R.S.O. 1990 as amended, S. 147, authorizes Councils of municipalities to borrow money;

AND WHEREAS Council is required to contribute to construction improvements for Eastholme Home for the Aged.

NOW THEREFORE THE MUNICIPAL COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF NIPISSING HEREBY ENACTS AS FOLLOWS:

1. For the purposes of borrowing funds for the Township of Nipissing’s share of capital construction costs for Eastholme Home for the Aged, the Treasurer of the Corporation shall borrow from the Royal Bank of Canada, Callander Branch, the principal of $440,667.00.

2. That the rate of interest of the said loan shall be set at the prime rate of the Royal Bank of Canada as set by the bank from time to time over the life of the loan.

3. The loan shall be dated August 31, 2002, and the first approximately equal payment of principal and interest shall commence in September of 2002 and continue monthly thereafter until the term of the loan has expired or unless the loan is sooner paid.

4. That the Treasurer shall issue a promissory note for the purposes of this loan which shall be sealed with the seal of the corporation and shall be signed by the Head of Council or by some other person authorized by by-law to sign the same, and by the Treasurer.

5. That all sums required to pay off the installments of principal of the loan and to pay interest thereon shall be levied and raised in the years 2002 to 2017, both inclusive, by a special rate sufficient therefore, over and above all other rates, upon all the rateable property located in the area of the municipality referred to as the Township of Nipissing, at the same time and in the same manner as other rates.

6. That the said loan may be paid at any time in full, without penalty, during the lifetime of the loan.

7. The Reeve and the Clerk are hereby authorized to execute all documentation necessary to complete the above-noted loan.

READ A FIRST, SECOND AND THIRD TIME AND PASSED THIS 6TH DAY OF AUGUST, 2002.

THE CORPORATION OF THE TOWNSHIP
OF NIPISSING

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Reeve

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Clerk