THE REGIONAL MUNICIPALITY OF PEEL
BY-LAW NUMBER 113-94
A by-law to authorize the Reconstruction of Erin Mills Parkway from Dundas Street West to Highway 403, in the City of Mississauga.
WHEREAS the Council of the Regional Corporation has by resolution adopted on the 13th October, 1994 authorized the reconstruction of Erin Mills Parkway from Dundas Street West to Highway 403, in the City of Mississauga, under Project 93-4080, hereinafter referred to as "the works", at a total estimated cost of $4,800,000.00;
AND WHEREAS the Regional Corporation is authorized to issue debentures not in excess of annual repayment limits as prescribed by regulation, pursuant to the Municipal Act, R.S.O. 1990, Chapter M.45, as amended;
AND WHEREAS the Treasurer and Commissioner of Finance has certified that the issuance of debentures for the works will not cause the Regional Corporation to exceed its borrowing limit as defined by Provincial Regulation for the current year and for the projected years of the works based on the current annual repayment limits;
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 $4,800,000.00.
2. That the total cost of the works, being estimated at $4,800,000.00 shall be raised by the issue and sale of non-growth related debentures by the Regional Corporation for a period not exceeding forty (40) 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 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 $4,800,000.00 and the Regional Chair 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 Regional Chair 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 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.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 13th October, 1994.
Regional Clerk, Regional Chair