THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 16-91

A by-law to authorize the issue of sinking fund debentures in the amount of $38,945,000.00 for the purposes of The Peel Board of Education.

WHEREAS the Council of The Regional Municipality of Peel (hereinafter referred to as "the Regional Corporation") has received a request from The Peel Board of Education to borrow money for the purposes set out in column (1) of Schedule "A" annexed hereto, which schedule forms part of this by-law, and to issue debentures for such purposes in the respective amounts set out in column (8) of Schedule "A" pursuant to the provisions of Section 124 of the Municipal Act, Revised Statutes of Ontario 1980, Chapter 302 as amended (hereinafter referred to as "the Municipal Act");

AND WHEREAS for such purposes it is expedient to issue sinking fund debentures on the credit of the Regional Corporation in the principal amount of $38,945,000.00 as set out in column (8) of Schedule "A", pursuant to Section 124 of the Municipal Act, such debentures being payable within the term of years set out in column (10) of Schedule "A", as authorized by the respective Orders of the Ontario Municipal Board shown in column (4) of Schedule "A", and being issued on the terms herein set forth;

NOW THEREFORE the Council of The Regional Municipality of Peel enacts as follows:

1. That the borrowing of the sum of $38,945,000.00 for the purposes of The Peel Board of Education as set out in column (1) of Schedule "A", and the issue of sinking fund debentures therefor on the credit of the Regional Corporation to be Repaid on the date hereinafter fixed pursuant to Section 124 of the Municipal Act, is hereby authorized and approved.

2. That the Chairman and the Treasurer and Commissioner of Finance of the Regional Corporation are hereby authorized to cause any number of debentures (hereinafter referred to as "the said debentures") to be made for such sums of money as may be required for the purposes aforesaid, not exceeding in total the said sum of $38,945,000.00, and the said debentures shall be sealed and signed in accordance with the provisions of the Regional Municipality of Peel Act, Revised Statutes of Ontario 1980, Chapter 440 as amended (hereinafter referred to as "the Regional Act").

3. That the said debentures shall all be dated the 6th day of March, 1991 and shall be issued within two (2) years after the date on which this by-law is enacted, and as to both principal and interest shall be expressed and be payable in lawful money of Canada.

4. That the said debentures shall be issued for a term of ten (10) years and shall be made payable on the 6th day of March, 2001 and shall be payable at the office of the Treasurer and Commissioner of Finance of the Regional Corporation in the City of Brampton, Ontario and shall be in fully registered form.

5. That the said debentures shall bear interest at the rate of 10 7/8% per annum, which interest shall be payable in approximately equal semi-annual amounts on the 6th day of March and the 6th day of September in each year of their currency. Cheques for payment of interest on the said debentures shall be sent through the mail to the registered addresses of, and be payable to, the respective registered holders thereof.

6. That in each year during such ten (10) year period the amount of $4,235,268.75 shall be payable for interest on the said debentures commencing on the 6th day of September, 1991 and the amount of $2,688,354.00 shall be deposited by the said Treasurer and Commissioner of Finance in the sinking fund to be held and invested for the payment of the principal of the said debentures as required by the provisions of the Regional Act commencing on the 6th day of March, 1992.

7. (1) That there shall be levied and raised in each year during the said ten (10) year period from the date of the said debentures, the amount of $4,235,268.75 for interest, and the amount of $2,688,354.00 for deposit in the said sinking fund, and in each year for the purposes set out in column (1) of Schedule "A" the said yearly amounts shall be and they are hereby levied against The Peel Board of Education, which shall pay to the Regional Corporation such yearly amounts so levied in lawful money of Canada on or before the due dates.

(2) To the extent that the said yearly amounts of contribution and interest are not paid to the Regional Corporation by The Peel Board of Education as aforesaid, the Regional Corporation shall impose a special levy, over and above all other levies, on all of the area municipalities defined in Section 1(a) of the Regional Act, at the same time and in the same manner as other levies, to pay the said yearly amounts of contribution and interest.

(3) Provided however that it shall not be necessary in any year to levy more than the amount required after taking into account amounts paid by The Peel Board of Education to the Regional Corporation for such purposes.

8. That the proceeds of the sale or hypothecation of the said debentures shall be applied for the purposes set forth in column (1) of Schedule "A" and for no other purposes except as permitted by the Regional Act.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 28th day of February, 1991.