THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 86-91

A by-law to provide for the borrowing of the aggregate of the amounts authorized by By-laws Numbers 83-91 to 85-91, both inclusive, and for the issuing of one series of sinking fund debentures therefor.

 

WHEREAS the Council of The Regional Municipality of Peel (hereinafter referred to as "the Regional Corporation") on the 24th day of October, 1991 enacted the following by-laws to provide for the borrowing of money by the issue of sinking fund debentures payable in lawful money of Canada for the purposes respectively set out therein, the said by-laws being:

1. By-law Number 83-91: To authorize the issue of sinking fund debentures in the amount of $19,752,000.00 for the purposes of the Corporation of the City of Brampton;

2. By-law Number 84-91: To authorize the issue of sinking fund debentures in the amount of $21,498,000.00 for the purposes of The Peel Board of Education;

3. By-law Number 85-91: To authorize the issue of sinking fund debentures in the amount of $13,750,000.00 for the purposes of The Dufferin-Peel Roman Catholic Separate School Board; all of which by-laws are hereinafter referred to as "the said by- laws";

AND WHEREAS each of the said by-laws provided that the debentures issued thereunder shall be dated the 30th day of October, 1991 and shall be made payable on the 30th day of October, 2001 bearing interest as set out therein payable semi-annually;

AND WHEREAS each of the said by-laws further provides that, during the period of years of the said debentures respectively issued thereunder, there shall be raised in each year during such period of years the amount for deposit in the sinking fund and interest set forth therein as required by the provisions of The Regional Municipality of Peel Act, Revised Statutes of Ontario 1980, Chapter 440, as amended (hereinafter referred to as the "Regional Act");

AND WHEREAS the aggregate of the amounts authorized to be borrowed by the said by-laws is the sum of $55,000,000.00 and it is desirable to consolidate the said amounts into one sum of $55,000,000.00 repayable on the 30th day of October, 2001;

AND WHEREAS subsection (18) of Section 98 of the Regional Act provides that Section 145 of The Municipal Act applies with necessary modifications to the Regional Corporation, authorizing it to pass a consolidating by-law, where separate debenture by-laws have been passed, providing for borrowing the aggregate of such sums and for issuing one series of debentures;

AND WHEREAS on October 10, 1991 Frank Bean, the Chairman of the Regional Corporation elected to take a leave of absence effective immediately, during which leave the Regional Council has appointed and will, during the currency of such leave, continue to appoint various members of the Regional Council to act from time to time in the place and stead of Frank Bean, the Chairman of the Regional Corporation;

NOW THEREFORE, the Council of The Regional Municipality of Peel enacts as follows:

1. That the amounts authorized to be borrowed by the said by-laws are hereby consolidated into one sum of $55,000,000.00 and sinking fund debentures shall be issued therefor in one series.

2. That the Chairman or Acting Chairman and the Treasurer and Commissioner of Finance of the Regional Corporation are hereby authorized to cause any number of sinking fund debentures (hereinafter referred to as "the said debentures") to be made for such sums of money as may be required for the purposes aforesaid and not exceeding in the whole the said sum of $55,000,000.00 and the said debentures shall have the signature of Frank Bean as the Chairman of the Regional Corporation printed thereon, shall be signed by the Treasurer and Commissioner of Finance and shall be sealed with the seal of the Regional Corporation, all in accordance with the provisions of the Regional Act.

3. That the said debentures shall be dated the 30th day of October, 1991 and shall be issued within two (2) years after the day on which this by-law is enacted, and as to both principal and interest shall be expressed and shall be payable in lawful money of Canada.

4. That the said debentures shall be issued for a term of ten (10) years and shall be made payable on the 30th day of October, 2001 and shall be payable at the office of the Treasurer and Commissioner of Finance of the Regional Corporation in the City of Brampton, Ontario, and shall be in fully registered form with provision for payment of interest by cheque.

5. That the said debentures shall bear interest at the rate of 9 7/8% per annum, which interest shall be payable in equal semi-annual amounts on the 30th day of April and the 30th day of October in each year of their currency. Cheques for payment of interest on the said debentures shall be sent through the mail to the registered addresses of, and be payable to, the respective registered holders thereof.

6. In the case of joint registered holders of any of the said debentures, the principal monies and interest thereon may be paid to the holder whose name first appears on the Regional Corporation's Debenture Registry Book whose receipt thereof shall constitute a valid discharge to the Regional Corporation.

7. That there shall be raised in each year during the said ten (10) year period from the date of the said debentures, the amount of $5,431,250.00 for interest on the said debentures commencing on the 30th day of April, 1992 and the amount of $3,796,622.00 shall be deposited by the said Treasurer and Commissioner of Finance in the sinking fund to be held and invested for the payment of principal of the said debentures as required by the provisions of the Regional Act commencing on the 30th day of October, 1992, such aforesaid amounts being equal to the aggregate of the amounts payable for interest and for deposit in the sinking fund, respectively, in each year under the said by-laws.

8. That the proceeds of the sale or hypothecation of the said debentures shall be apportioned and applied for the respective purposes set forth in column (1) of the respective Schedules "A" to the said by-laws for the purposes of the Corporation of the City of Brampton, The Peel Board of Education and The Dufferin-Peel Roman Catholic Separate School Board and for no other purposes except as permitted by the Regional Act.

 

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 24th day of October, 1991.

 

Regional Clerk Acting Chairman