BYLAW - Authorize Credit Agreement With Magum Petroleum - 20000328 - 416100LTHE CORPORATION OF THE TOWN OF AURORA
By-law Number 4161-00.L
BEING A BY-LAW to
authorize a credit agreement
with Magum Petroleum Inc.,
Heidi Susanne Hay, Sherri
Lynn Hay, and Douglas
Charles Hay together with
the provision of a mortgage
in security therefor.
WHEREAS Section 191 of the Municipal Act, R.S.O. 1990, as amended authorizes the
Council of a local municipality to pass by-laws for the acquisition of land for the purposes of
the municipal corporation;
AND WHEREAS the municipal Council of the Corporation of the Town of Aurora enacted
By-law 4160-00.L, being a By-law to authorize the acquisition of Part of Lot 19, Concession
3, E.Y.S. (the "Lands");
AND WHEREAS the municipal Council of the Corporation of the Town of Aurora entered
into an Agreement of Purchase and Sale dated February 28, 2000 in relation to the acquisition
of the lands wherein the Town agreed to give and the Vendor agreed to take back a first
mortgage for a five (5) year term;
AND WHEREAS the municipal Council of the Corporation of the Town of Aurora deems it
necessary and expedient to enter into a credit Agreement with the Vendor and provide a
mortgage of the Lands as security therefor;
NOW THEREFORE THE MUNICIPAL COUNCIL OF THE CORPORATION OF THE
TOWN OF AURORA ENACTS AS FOLLOWS:
1. THAT the Mayor and Clerk are hereby authorized and directed to execute such
agreements or other documents as may be necessary to give effect to a credit Agreement
and provide a First Mortgage of the Lands on the terms and conditions set out in the
Offer to Purchase Agreement dated February 28, 2000.
2. THAT the provisions of this By-law shall come into force and take effect upon third
reading thereof.
READ A FIRST AND SECOND TIME THIS 28'h DAY OF MARCH, 2000.
READ A THIRD TIME AND FINALLY PASSED THIS 2sth DAY OF MARCH, 2000.
TOWN CLERK
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