MFA Demand Notes & Agreements

The Demand Notes & Agreements (DNA) are the legal documents between the Regional District (RD) and the MFA and/or RD and the Municipality and/or the MFA and Regional Hospital District, to secure the financial borrowing of the Issue launched that spring/fall. This is "joint and several" security.

Demand note: A written, signed, promise to pay a certain amount of money on demand at a specified time. A written promise to pay money that is often used as a means to borrow funds or take out a loan.

Agreement: The writing or document that records the meeting of the minds of the parties.

MFA Process

After the MFA Issue has been launched, proceeds are distributed to the borrowing Member (RD/Municipality/RHD) and following, a package of legal Demand Notes & Agreements are sent, by courier, to the attention of the Treasurer/Financial Administrator.

Regional District Package: A package is sent to the RD containing, Demand Notes and Agreements - 2 of each borrowing Agreement(s). There are two copies of everything in the package, as one set is for the RD and one is for the MFA. Please sign everything and send 1 Demand Note of each and all Agreements back to the MFA by the deadline noted in the accompanying letter. Once all the RD Agreements are sent back to the MFA, MFA will arrange for the Inspector of Municipalities to sign them all. The MFA will then keep one set of Agreements and send one set back to the RD for their files.

Municipal Package: A package is sent to the borrowing Municipality containing, 2 Demand Notes and 2 of each borrowing Agreement(s). There are two copies of everything in the package, as one set is for the Municipality and one is for the Regional District. Please sign everything and send 1 Demand Note and one set of Agreements to the RD, the other set is for the Municipality's records. Nothing is sent back to the MFA.

Regional Hospital District: A package is sent to the RHD containing, 2 Demand Notes and 2 of each borrowing Agreement(s). There are two copies of everything in the package, as one set is for the RHD and one is for the MFA. Please sign everything and send 1 Demand Note, and 1 set of Agreements to the MFA by the deadline noted in the accompanying letter.

Reminder

When you recieve your package, please do not remove the staples. These are legal binding documents. You should have recieved your payment schedule(s) by email from our office. If you have not, please contact our office and we will resend them.

Contact

If you have any questions on the MFA Demand Notes and Agreements, please contact Lexi Pearson or Shelley Hahn.