THE REGIONAL MUNICIPALITY OF PEEL
BY-LAW NUMBER 99-93
A by-law to provide for the borrowing of the aggregate of the amounts authorized by By-laws Numbered 92-93, 93-93, 97-93 and 98-93, and for the issuing of one series of installment debentures therefor.
WHEREAS the Council of the Regional Corporation on the 23rd September, 1993 enacted the by-laws referred to in the following recital to provide for the borrowing of money by the issue of installment debentures payable in lawful money of Canada for the purposes respectively set out therein;
AND WHEREAS the Council of the Regional Corporation has by Resolution adopted on the 23rd September, 1993, authorized the borrowing of the aggregate of the amounts authorized by By-laws Numbered 92-93, 93-93, 97-93 and 98-93 which by-laws are described as follows, and for the issuing of one series of installment debentures therefor:
1. By-law Number 92-93: To authorize the issue of installment debentures in the amount of $1,864,900.00 for the purpose of the Corporation of the City of Brampton;
2. By-law Number 93-93: To authorize the issue of installment debentures in the amount of $6,958,004.00 for the purposes of The Regional Municipality of Peel;
3. By-law Number 97-93: To authorize the issue of installment debentures in the amount of $21,411,724.00 for the purposes of The Peel Board of Education;
4. By-law Number 98-93: To authorize the issue of installment debentures in the amount of $19,765,372.00 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 28th September, 1993 and shall be made payable on the 28th September in each of the years 1994 to 2003 inclusive, bearing interest as set out therein payable semi-annually;
AND WHEREAS subsection (19) of Section 116 of The Regional Municipalities Act, R.S.O. 1990, c.R.8, as amended (hereinafter called "the Regional Act") provides that Section 143 of The Municipal Act, R.S.O. 1990, c.M.45 as amended, 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;
NOW THEREFORE the Council of the Regional Corporation enacts as follows:
1. That the amounts authorized to be borrowed by the said by-laws are hereby consolidated into one sum of $50,000,000.00 and installment debentures shall be issued therefor in one series.
2. That the Regional Chair and the Treasurer and Commissioner of Finance of the Regional Corporation are hereby authorized to cause any number of installment 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 $50,000,000.00 and the said debentures shall have the signature of the Regional Chair 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 28th September, 1993 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 mature in various installments of principal on the 28th September in each of the years 1994 to 2003 inclusive, as set forth in Schedule "A" annexed hereto, which schedule forms part of this by-law. The said debenture shall be in fully registered form and shall be payable as to principal at the office of the Treasurer and Commissioner of Finance of the Regional Corporation in the City of Brampton, Ontario with provision for payment of interest by cheque.
5. That the said debentures shall bear interest from the date thereof at the rates hereinafter set forth. Interest shall be payable in equal semi-annual amounts on the 28th March and the 28th September 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 or by electronic transfer if authorized in writing by the registered holders.
Interest rates per annum on the said debentures maturing in the following years shall be as follows:
Year of Maturity Interest Rate 1994 5.250% 1995 5.750% 1996 6.250% 1997 6.625% 1998 6.750% 1999 7.000% 2000 7.250% 2001 7.375% 2002 7.500% 2003 7.500%
6. In the case of joint registered holders of any of the said debentures, the principal moneys and interest thereon may be paid to the holder whose name first appears in the Regional Corporation's debenture registry whose receipt thereof shall constitute a valid discharge to the Regional Corporation.
7. That the levies imposed by the said by-laws shall be levied, collected, and applied to provide for the payment of interest and principal in respect of the said debentures issued hereunder. The aggregate amounts of such interest and principal payments in each of the years of the currency of the said debentures are set forth in the last column of Schedule "A".
8. a) That the Regional Chair and the Treasurer and Commissioner of Finance are hereby authorized to cause the said debentures to be sold or hypothecated at such price or prices as they may determine and generally to do all things and execute all documents and other papers in the name of the Regional Corporation in order to carry out the sale or hypothecation of the said debentures, and the Regional Chair and the Treasurer and Commissioner of Finance are authorized to affix the seal of the Regional Corporation to all such documents and papers.
b) 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 Regional Corporation, 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.
9. That the holder of any of the said debentures issued hereunder may exchange such debenture for fully registered debentures of authorized denominations upon surrender of such debenture to the Treasurer and Commissioner of Finance of the Regional Corporation. The said debentures issued in substitution for any such debenture surrendered shall aggregate the same principal amount as the said debenture surrendered, bear the same interest rate and maturity date and be the same in every respect except in denomination to such debenture surrendered. The cost of all such exchanges including printing of the new denominations of debentures shall be borne by the Regional Corporation.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 23rd September, 1993.
Regional Clerk Regional Chair
THE REGIONAL MUNICIPALITY OF PEEL
SCHEDULE "A" TO BY-LAW NUMBER 99-93
DEBENTURE SERIES "Y"
CONSOLIDATING
$4,300,000 - 5.250% Installment Debentures Due September 28, 1994
4,500,000 - 5.750% Installment Debentures Due September 28, 1995
4,800,000 - 6.250% Installment Debentures Due September 28, 1996
5,000,000 - 6.625% Installment Debentures Due September 28, 1997
5,000,000 - 6.750% Installment Debentures Due September 28, 1998
5,000,000 - 7.000% Installment Debentures Due September 28, 1999
5,000,000 - 7.250% Installment Debentures Due September 28, 2000
5,200,000 - 7.375% Installment Debentures Due September 28, 2001
5,500,000 - 7.500% Installment Debentures Due September 28, 2002
5,700,000 - 7.500% Installment Debentures Due September 28, 2003
(1) (2) (3) (4) (5)
Principal -----Interest-----
September 28 March 28 September 28 Total
1994 $4,300,000.00 $1,694,625.00 $1,694,625.00 $7,689,250.00
1995 4,500,000.00 1,581,750.00 1,581,750.00 7,663,500.00
1996 4,800,000.00 1,452,375.00 1,452,375.00 7,704,750.00
1997 5,000,000.00 1,302,375.00 1,302,375.00 7,604,750.00
1998 5,000,000.00 1,136,750.00 1,136,750.00 7,273,500.00
1999 5,000,000.00 968,000.00 968,000.00 6,936,000.00
2000 5,000,000.00 793,000.00 793,000.00 6,586,000.00
2001 5,200,000.00 611,750.00 611,750.00 6,423,500.00
2002 5,500,000.00 420,000.00 420,000.00 6,340,000.00
2003 5,700,000.00 213,750.00 213,750.00 6,127,500.00
$50,000,000.00 $10,174,375.00 $10,174,375.00 $70,348,750.00