THE REGIONAL MUNICIPALITY OF PEEL
BY-LAW NUMBER 99-95
A by-law to amend By-law 97-94 titled "A by-law to authorize payment to the Federal Minister of Finance for costs incurred for construction of the Hanlan Feedermain," to provide for revised debt financing.
WHEREAS the Council of the Regional Corporation has by Resolution 95-656 passed on the 12th October, 1995, authorized a by-law to amend By-law 97-94 titled "A by-law to authorize payment to the Federal Minister of Finance for costs incurred for construction of the Hanlan Feedermain," to provide for revised debt financing;
NOW THEREFORE, the Council of the Regional Corporation enacts as follows:
1. That the amount of $19,450,000.00, wherever it appears in By-law 97-94 deleted and the amount of $36,450,000.00 be substituted therefore.
2. That Section 2 of By-law 97-94 is repealed and the following substituted therefor.
"2. That the amount to be paid to the Federal Minister of Finance estimated at $36,450,000.00 be financed as follows:
(a)the sum of $965,000.00 shall be provided from the Province of Ontario;
(b) the sum of $17,250,000.00 shall be provided from Development Charges;
(c)the sum of $395,000.00 shall be provided from Current Revenue;
(d)the sum of $840,000.00 shall be provided from Capital Development Funds;
(e) the sum of $17,000,000.00 shall be raised by the issue and sale of debentures by the Regional Corporation for a period not exceeding fifteen (15) 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."
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 23rd November, 1995.
Regional Clerk, Regional Chair