HomeMy WebLinkAbout01 - Municipality of Bayham - Project Ojibwa Notice
MEDIA RELEASE
MARCH 12, 2015
Municipality of Bayham – Project Ojibwa
On March 10, 2015 the Royal Bank of Canada (RBC) informed the Municipality that it is
calling u pon the Municipality of Bayham to pay the sum of six million dollars
($6,000,000.00)**. That sum is the amount of the loan guarantee which the Municipality
provided to the Royal Bank of Canada in connection with Project Ojibwa.
The RBC advises that it has advanced the full amount of the loan to the Elgin Military
Museum and that the Elgin Military Museum is in default of its repayment obligations to
the Royal Bank of Canada. The Royal Bank of Canada has elected to call the loan as a
consequence of the default and the Municipality is responsible for payment pursuant to
the terms of the Guarantorship Agreement.
The Council of the Corporation of the Municipality of Bayham will conduct a Public
Information Session on Monday March 16, 2015 at 7:00 PM at the Vienna Community
Centre located at 26 Fulton St. Vienna, ON. The Public Information Sessi on will provide
a recap of events and explain the process moving forward. Please note, the Public
Information Session will not feature a question and answer period.
For additional information please refer to Staff Report CAO 19/15 re Project Ojibwa –
Financial Plan. The report is available on the Municipal Website at www.bayham.on.ca
and through the Municipal Office located at 9344 Plank Rd, Straffordville, ON.
** The Elgin Military Museum has until March 20, 2015 to pay said funds. Should the Elgin
Military Museum not be able to make the payment the Municipality of Bayham letter of
credit will be called on by the Royal Bank of Canada on March 20, 2015.
PROJECT OJIBWA PUBLIC INFORMATION SESSION
TO BE HELD ON
MONDAY, MARCH 16, 2015 AT 7:00PM
AT THE VIENNA COMMUNITY CENTRE, 26 FULTON STREET