THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 56-2000

WHEREAS the Council of The Regional Municipality of Peel (hereinafter referred to as "the Regional Corporation") has authorized the Regional Corporation, the undertakings set out in column (1) of Schedule "A" annexed hereto, which schedule forms part of this by-law, and the issuing of debentures for such purpose in the respective amount set out in column (4) of Schedule "A";

AND WHEREAS for such purposes it is expedient to issue redeemable instalment debentures on the credit of the Regional Corporation in the principal amount of $648,386.50 as set out in column (4) of Schedule "A", such debentures being payable within the term of years set out in column (6) of Schedule "A", and being issued on the terms herein set forth;

AND WHEREAS the Council of the Regional Corporation has by by-law 45-97 on the 26^th June, 1997 and by Resolution 96-367 on the 11^th April, 1996 and by Resolution 96-597 on the 13^th June, 1996 and by Resolution 97-610 on the 22^nd May, 1997 and by Resolution 97-756 on the 26^th June 1997 and by Resolution 98-893 on the 9^th July 1998 authorized the issuance of said debentures;

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

1. That the borrowing of the sum of $648,386.50 for the purposes of the Regional Corporation as set out in column (1) of Schedule "A", and the issue of redeemable instalment debentures therefor on the credit of the Regional Corporation to be repaid during the term of years set forth in column (6) of Schedule "A", are hereby authorized and approved.

2. That the Regional Chair and the Treasurer and Commissioner of Finance of the Regional Corporation are hereby authorized to cause any number of instalment debentures (hereinafter referred to as "the debentures") to be made for such sums of money as may be required for the purposes aforesaid, not exceeding in total the said sum of $648,386.50 and the said debentures shall be signed by the Regional Chair of the Regional Corporation and 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 Municipalities Act, R.S.O. 1990, c. R.8, as amended (hereinafter referred to as "the Regional Act").

3. That the said debentures shall all be dated the 14th day of July, 2000 and shall be issued within two (2) years after the date 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 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, and shall be in fully registered form.

5. That the annual maturities of the said debentures in each of the years 2001 to 2015 inclusive, shall be as set forth in Schedule "B" annexed hereto, both inclusive and all of such debentures shall bear interest as set forth on Schedule "B" annexed hereto, which interest shall be payable annually on the 14th day of July in each year of their currency. Cheques for payment of interest on the said debentures shall be sent through the mail to the registered address of and be payable to the respective holder thereof.

6. That the respective amounts of interest or principal and interest payable in each of the years in such period shall be as set forth in column (4) of Schedule "B" annexed hereto, which schedule forms part of this by-law.

7. The debentures are callable at par at any time, in whole or in part, at the option of the Regional Corporation. If the retraction is exercised, all remaining principal plus accrued interest on this debenture issue must be repaid.

8. That there shall be raised in each year during the said fifteen (15) year period from the date of the said debentures, by levies under the Local Improvement Act, over and above all other rates and levies, the total amount of principal and interest, for each year set out in column (4) of Schedule "B", but no greater rate shall be levied in any year for such purposes than is required to pay the amounts as aforesaid after taking into account receipts of monies from any other sources.

9. That the proceeds of the sale or hypothecation of the said debentures shall be applied for the purposes set forth in column (1) of Schedule "A" and for no other purposes except as permitted by the Regional Act.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 13^th July, 2000.