WHEREAS the Council of the Regional Corporation has by Resolution 95-807 adopted on the 23th November, 1995 authorized the widening of Derry Road from Mississauga Road to Millcreek Drive, in the City of Mississauga, pursuant to Section 32 of the Regional Municipalities Act, R.S.O. 1990, Chapter R.8, under Project 94-4050, hereinafter referred to as "the works," at a total estimated cost of $13,300,000.00;

AND WHEREAS the Treasurer and Commissioner of Finance of the Regional Corporation has certified that this project 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 project based on the current borrowing limit;

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 $13,300,000.00;

2. That the Commissioner of Public Works or the Regional Corporation's consulting engineer shall take such action as may be necessary for the preparation of a contract or contracts for the execution of the works under their superintendence and according to their directions and orders.

3. That the total cost of the works, being estimated at $13,300,000.00 shall be financed as follows:

(a) the sum of $5,170,000.00 shall be provided from Development Charges;

(b) the sum of $700,000.00 shall be provided from Capital Development Funds;

(c) the sum of $4,430,000.00 shall be provided from Contribution from Stabilization Reserves;

(d) the sum of $3,000,000.00 shall be raised by the issue and sale of growth related 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;

4. 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 $13,300,000.00 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 monies 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.

5. 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 in Section 4 of this by-law, 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 8th, February 1996