THE REGIONAL MUNICIPALITY OF PEEL
BY-LAW NUMBER 42-91
A by-law to authorize the purchase of replacement telephone equipment for 21 Division of the Peel Regional Police.
WHEREAS the Council of the Regional Corporation has by Resolution 91-144-33 adopted on 11th April, 1991 authorized the purchase of replacement telephone equipment for 21 Division of the Peel Regional Police under Project 91-8060 in the 1991 Capital Budget for the Peel Regional Police hereinafter referred to as "the expenditure" at a total estimated cost of $120,000.00;
AND WHEREAS the Ontario Municipal Board by its Order dated the 21st April, 1989 under File Number E890255 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 expenditure 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 total estimated expenditure of $120,000.00, is hereby authorized and approved.
2. That the total cost of the expenditure, being estimated at $120,000.00 shall be raised by the issue and sale of debentures by the Regional Corporation for a period not exceeding ten (10) 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 issuance and sale of the 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 $120,000.00 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 times 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 with interest as mentioned in Section 3, any debentures which may be issued to defray the cost of the works 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 9th May, 1991.
Regional Clerk and Director of Administration, Chairman