THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 34-91

A by-law to authorize payment to the Credit Valley Conservation Authority for costs incurred for the 1991 Lake Ontario Waterfront Development.

WHEREAS the Council of the Regional Corporation has by Resolution passed on 28th March, 1991, authorized payment to the Credit Valley Conservation Authority for costs incurred for the 1991 Lake Ontario Waterfront Development (hereinafter referred to as "the Project"), at a total estimated amount of $1,365,000.00;

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

1. That the Regional Corporation reimburse the Credit Valley Conservation Authority for costs incurred for the Project, at a total estimated cost of $1,365,000.00.

2. That the amount to be paid to the Credit Valley Conservation Authority, estimated at $1,365,000.00 shall be financed 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 a 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 $1,365,000.00, and the Chairman and Treasurer and Commissioner of Finance of the Regional Corporation are hereby authorized to sign and deliver to said bank or person such promissory note or notes as may be required from time to time for the repayment of the monies 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. No payment pursuant to Section 1 shall be made until the Credit Valley Conservation Authority has received approval of the Ontario Municipal Board for the Project, and a copy of such approval has been received by the Regional Clerk.

5. That this by-law not take effect until Ontario Municipal Board approval has been received.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 11th April, 1991.

Regional Clerk and Director of Administration, Chairman