THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 19-91

A by-law to authorize the issue of instalment debentures in the amount of $300,000.00 for the purposes of the Corporation of the City of Brampton.

WHEREAS the Council of The Regional Municipality of Peel (hereinafter referred to as "the Regional Corporation") has received a request from the Council of the Corporation of the City of Brampton 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;"

AND WHEREAS for such purposes it is expedient to issue debentures on the credit of the Regional Corporation in the principal amount of $300,000.00 as set out in column (8) of Schedule "A," such debentures being payable within the term of years set out in column (10) of Schedule "A" as authorized by the 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 $300,000.00 for the purposes of the Corporation of the City of Brampton as set out in column (1) of Schedule "A," and the issue of debentures therefor on the credit of the Regional Corporation to be repaid in annual instalments during the period of five (5) years, 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 $300,000.00 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 shall be payable in lawful money of Canada.

4. That the said debentures shall be payable as to principal 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 with provision for payment of interest by cheque.

5. That $60,000.00 of the said debentures shall mature in each of the years 1992 to 1996, both inclusive and all of such debentures shall bear interest at the rate of 10 7/8% per annum which interest shall be payable semi-annually 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 address of and be payable to the respective holder thereof.

6. That the respective amounts of interest or principal and interest payable in each of the years in such period shall be as set forth in column (5) of Schedule "B" annexed hereto, which schedule forms part of this by-law.

7. That there shall be levied and raised in each year during the said five (5) year period from the date of the said debentures, the amount of interest or instalment of principal and interest set out in column (5) of said Schedule "B," and in each year for the purposes set out in column (1) of Schedule "A" the said yearly amounts shall be and are hereby levied against the Corporation of the City of Brampton and in each such year the Corporation of the City of Brampton shall pay to the Regional Corporation, on or before the due dates, such yearly amounts so levied against it for the payment of interest or instalments of principal and interest as the same severally fall due.

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.

Clerk Chairman