HomeMy WebLinkAboutBy-law No. 2015-061 THE CORPORATION OF THE
MUNICIPALITY OF BAYHAM
BY-LAW NO. 2015-061
A BY-LAW TO AUTHORIZE THE EXECUTION OF AN AGREEMENT BETWEEN
THE MUNICIPALITY OF BAYHAM AND
RBC
WHEREAS RBC provided certain credit to the Elgin Military Museum Inc. ("EMM").
AND WHEREAS as security for such advances, Bayham was applicant on a Standby
Letter of Credit No. P425855T07512 as amended from time to time, issued by RBC in the
amount of$6,000,000.00 and naming RBC as Beneficiary (the "Letter of Credit").
AND WHEREAS as security for the payment of the Letter of Credit, EMM executed and
delivered in favour of RBC a General Security Agreement dated August 11, 2012 (the
"GSA").
AND WHEREAS RBC has agreed to assign the GSA (the "Assigned Security") and
Bayham wishes to purchase from RBC the GSA on an absolutely without recourse basis.
IN CONSIDERATION of the sum of$6,000,000.00 in Canadian funds, the receipt and
sufficiency of which is hereby acknowledged by RBC, RBC hereby grants, bargains, sells,
assigns, and transfers to Bayham absolutely any and all of its right, title and interest, if
any, at law or in equity, if any, in and to the Assigned Security
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY
OF BAYHAM ENACTS AS FOLLOWS:
1. THAT the Mayor and Clerk be and are hereby authorized to execute the Agreement
attached hereto as Schedule"A"and forming part of this by-law between RBC and the
Municipality of Bayham
2. AND THAT this by-law shall come into full force and effect upon final passing.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 21ST DAY
OF MAY 2015.
aff-a-) La_.\C6N
MAYOR CLERK