THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 2-90

A by-law to authorize a contribution to 752995 Ontario Limited for the oversizing of a watermain servicing lands on Rutherford Road and Kennedy Road in conjunction with the development of the Steeles Avenue/Highway 410, Industrial Subdivision 21T-81013B, in the City of Brampton.

WHEREAS the Council of the Regional Corporation required that 752995 Ontario Limited construct approximately 1,411 metres of 400 mm diameter watermain to service the lands on Rutherford Road and Kennedy Road south of Steeles Avenue in conjunction with the development of the Steeles Avenue/Highway 410 Industrial Subdivision, 21T-81013B, in the City of Brampton;

AND WHEREAS the diameter of the watermain is in excess of the maximum size normally required to service that type of development;

AND WHEREAS the Council of the Regional Corporation has by Resolution 89-20-16 adopted on 12th January, 1989, authorized the Regional Corporation to contribute to 752995 Ontario Limited the amount of $220,812.00 being the difference in the cost between the maximum size normally required and the required diameter, and approved the financing of the contribution;

AND WHEREAS the Council of the Regional Corporation has by Resolution 89-652-4 adopted on 12th October, 1989 authorized revised financing for the said undertaking;

AND WHEREAS the Ontario Municipal Board by its Order dated the 19th May, 1988, under File Number E880588, pursuant to Section 64 of the Ontario Municipal Board Act, R.S.O. 1980, Chapter 347, as amended, has authorized the Regional Corporation to proceed with the said undertaking subject to the limits and conditions set forth in the Order and to issue debentures sufficient to provide for the cost thereof up to the amount provided for in the Order;

NOW THEREFORE the Council of the Regional Corporation enacts as follows:

1. That the Regional Corporation shall contribute the amount of $220,812.00 to 752995 Ontario Limited for the said undertaking.

2. That the amount of the $220,812.00 shall be raised by the issue and sale of debentures by the Regional Corporation for a period not exceeding fifteen (15) years bearing interest at a rate to be determined at the time of the passing of the by-law to authorize the issuance of debentures.

3. That pending the issue and sale of said debentures, the Regional Corporation may borrow from any bank or person upon its credit by way of temporary advances to meet the expenditures authorized by this By-law, such sum or sums as may be required for that purpose but not exceeding in aggregate the sum of $220,812.00 and the Chairman and the Treasurer and Commissioner of Finance of the Regional Corporation are hereby authorized to sign and deliver to the said bank or person such promissory note or notes as may be required from time to time for the repayment of the monies so borrowed at such time and at such rate of interest as may be agreed upon with the said bank or person and to affix to such promissory note or notes the seal of the Regional Corporation.

4. That the Chairman and the Treasurer and Commissioner of Finance of the Regional Corporation are also authorized to hypothecate to any bank or person as collateral security for such temporary advances and interest as mentioned in Section 3, any debentures which may be issued to defray the costs of the said undertaking and the proceeds of the sale of said debentures, or as much as may be necessary, shall be paid to the said bank or person in full satisfaction of the temporary advances and interest thereon.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 11th January, 1990.

Regional Clerk, Chairman