Elexicon Promissory Note Decision and Financial Implications

On November 29, 2021, the General Government Committee of Clarington approved a resolution regarding the Elexicon Promissory Note. The resolution, moved by Councillor Hooper and seconded by Mayor Foster, directed staff to provide Elexicon Corporation with the necessary documents to waive the right to demand payment of the on-demand promissory note until January 1, 2022. Furthermore, the Director of Financial Services/Treasurer and the Chief Administrative Officer were instructed to waive the right to demand payment of the note annually until otherwise directed by Council. This decision was recorded as Resolution # GG-529-21 and was carried unanimously. The financial implications of this decision include a potential delay in cash inflow for the municipality, which may affect local financial planning and budgeting. The ongoing relationship with Elexicon Corporation may also be influenced by this decision, as it reflects a willingness to extend the terms of the financial agreement.