THE REGIONAL MUNICIPALITY OF PEEL
BY-LAW NUMBER 69-91
A by-law to authorize an expenditure for the land acquisition of property located at 2 Queen Street North, Streetsville, in the City of Mississauga.
WHEREAS the Council of the Regional Corporation has by Resolution 91-281-27 adopted on 11th July, 1991, authorized an expenditure for the land acquisition of property municipally located at 2 Queen Street North, Streetsville, and legally described as Part of Lot 6, Concession 5, West of Hurontario Street, Mississauga, Regional Municipality of Peel (formerly Township of Toronto, County of Peel), hereinafter referred to as the "property" at a total estimated cost of $280,000.00;
AND WHEREAS the Ontario Municipal Board by its Order dated 19th April, 1991, under File Number E910316, pursuant to subsection 64(8) 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 Board's 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 $280,000.00 for the property, is hereby authorized and approved.
2. That the amount of $280,000.00 shall be raised by the issue and sale of debentures for a period not exceeding twenty (20) 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 $280,000.00 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 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 project 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 8th August, 1991.
Regional Clerk and Director of Administration, Chairman