AND WHEREAS the Ontario Municipal Board by its Order dated the 25th April, 1990, under File Number E900387, pursuant to subsection 65 of the Ontario Municipal Board Act, R.S.O. 1990, Chapter O.28, has authorized the Regional Corporation to proceed subject to the limits and conditions set forth in the Orders and to issue debentures sufficient to provide for the cost thereof up to the amount provided for in the Orders;

NOW THEREFORE, the Council of the Regional Corporation enacts as follows:

1. That the total estimated expenditure of $27,822.000.00 is hereby authorized and approved.

2. That the amount to be paid to the Crown estimated at $27,822,000.00 be financed as follows:

(a)the sum of $1,780,000.00 under Ontario Municipal Board Order E900387 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;

(b)the sum of $84,000.00 shall be provided from Current Revenue;

(c)the sum of $4,174,000.00 shall be provided from Ministry of the Environment;

(d) the sum of $9,513,839.00 shall be provided from Development Charges;

(e) the sum of $11,672,161.00 shall be provided from Utility Rate Stabilization Reserve;

(f)the sum of $9,000.00 shall be provided from Interest Recovery; and

(g)the sum of $589,000.00 shall be provided from Capital Development Funds."

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 $27,822,000.00, 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 moneys 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 in above mentioned 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.

5. That By-laws Numbered 26-91 and 142-92 are hereby repealed.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 24th June, 1993.