THE REGIONAL MUNICIPALITY OF PEEL
BY-LAW NUMBER 58-91
A by-law to authorize the construction of Erin Mills Parkway from Highway 403 to Vista Boulevard, City of Mississauga and to repeal By-law Number 40-91.
WHEREAS the Council of the Regional Corporation, has by Resolution 91-205 adopted on 23rd May, 1991 authorized the construction of Erin Mills Parkway from Highway 403 to Vista Boulevard, City of Mississauga, under Project 90-4050 hereinafter referred to as "the works," at a total estimated cost of $6,996,000.00;
AND WHEREAS the Ontario Municipal Board by its Order dated 19th April, 1991 under File Number E910316 and 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 works 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 Regional Corporation shall construct the works at a total estimated cost of $6,996,000.00.
2. That the Commissioner of Public Works or the Regional Corporation's consulting engineer shall take such action as may be deemed necessary for the preparation of a contract or contracts for the execution of the works under their superintendence and according to their directions and orders.
3. That the total cost of the works being estimated at $6,996,000.00 be financed as follows:
(a) the sum of $1,720,000.00 shall be financed from Capital Development Funds;
(b) the sum of $417,000.00 shall be financed from Ministry of Transportation Subsidy;
(c) the sum of $140,000.00 shall be financed from Developer's Contribution;
(d) the sum of $4,719,000.00 shall be raised by the issue and sale of debentures for a period not exceeding ten (10) years for the amount of $3,363,000.00 under Ontario Municipal Board Order File Number E900385, and twenty (20) years for the amount of $1,356,000.00 under File Number E910316 bearing interest at a rate to be determined at the time of the passing of a by-law to authorize the issuance of debentures.
4. 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 $6,996,000.00, 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.
5. 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 in the above mentioned Section 4, 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.
6. That By-law Number 40-91 of the Regional Corporation be repealed.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL on 27th June, 1991.
Regional Clerk and Director of Administration, Chairman