Council

Resolved that the memorandum from Town Manager Keith Vogl dated May 22, 2015 regarding the Grimsby Energy Incorporated Loan guarantee be received.

Resolved that the Memorandum from Director of Finance S. Gruninger dated May 26, 2015 regarding the GEI Loan Guarantee be received.

Whereas the Town of Grimsby owns 100% of Grimsby Energy Incorporated through ownership of Niagara Power Incorporated; and, Whereas Grimsby Energy Incorporated proposes to construct and operate a 1 Megawatt Biodigester; and, Whereas Grimsby Energy Incorporated has secured financing for the design, construction and equipment for the Biodigester, subject to the Town of Grimsby guaranteeing the loan, Page 3 of 3 Council May 26, 2015 Now therefore be it resolved that the Town of Grimsby, in its capacity as shareholder of Niagara Power Incorporated, sole shareholder of Grimsby Energy Incorporated, hereby authorize the Mayor and Town Clerk to execute a guarantee in favour of the Toronto Dominion Bank whereby the Town guarantees the indebtedness and liability of Grimsby Energy Incorporated to the extent of Four Million Five Hundred Thousand Dollars ($4,500,000 CD).

Resolved that leave be given to introduce By-law No. 15-52 and that the same be read a first time.

Resolved that leave be given to introduce By-law No. 15-52 read a first time be now read a second and third time and finally passed; and that the Mayor and Town Clerk do sign and seal the same, any rule of Council to the contrary notwithstanding.