THE REGIONAL MUNICIPALITY OF PEEL
BY-LAW NUMBER 52-91
A by-law to authorize payment to Bavida Holding Corporation for costs incurred in constructing a watermain on Steelwell Drive and Westcreek Boulevard as the Regional Corporation's share in the development of the Gates of Brampton Business Park Subdivision.
WHEREAS the Council of the Regional Corporation has by Resolution 89-652-1 adopted on 12th October, 1989, authorized payment to Bavida Holding Corporation for costs incurred in constructing a watermain on Steelwell Drive and Westcreek Boulevard as the Regional Corporation's share in the development of the Gates of Brampton Business Park Subdivision (hereinafter referred to as "the Project"), at a total estimated amount of $157,630.00;
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 project subject to the limits and conditions set forth in the Order and to issue debentures sufficient to provide 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 reimburse Bavida Holding Corporation for costs incurred for the Project, at a total estimated cost of $157,630.00.
2. That the amount to be paid to Bavida Holding Corporation, estimated at $157,630.00 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 $157,630.00, 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. 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 13th June, 1991.
Regional Clerk and Director of Administration, Chairman