WHEREAS the Municipal Act, 2001 S.O. 2001, c.25 (the “Act”), as amended, provides that a municipality may incur a debt for municipal purposes, whether by borrowing money or in any other way, and may issue debentures and prescribed financial instruments and enter prescribed financial agreements for or in relation to the debt;

AND WHEREAS the Act also provides that subject to limitations contained therein, at any time during a fiscal year, a municipality may authorize temporary borrowing, until the taxes are collected and other revenues are received, of the amounts that the municipality considers necessary to meet the expenses of the municipality for the year;

AND WHEREAS subsection 23.2 of the Act provides that a municipality may delegate certain legislative and quasi-judicial powers to a body having at least two members of whom at least 50 per cent are:

(i) members of its council;
(ii) individuals appointed by its council; or
(iii) a combination of individuals described in (i) and (ii);

AND WHEREAS Regional Council wishes to establish a Debt Issuance Committee and delegate to the Debt Issuance Committee the authority to enact by-laws to authorize debentures, financial instruments and financial agreements including for temporary borrowing, promissory notes, bankers acceptances or loan agreements, and for long term borrowing, debentures, and to execute all documents necessary to give effect to the foregoing;

NOW THEREFORE the Council of The Regional Municipality of Peel enacts as follows:

1. The Debt Issuance Committee is hereby established and shall consist of the following members:
   
   (a) the Regional Chair;
   (b) the Chair of Management Committee;
   (c) the Chief Administrative Officer; and
   (d) the Chief Financial Officer.
   
   
2. Each of the members may appoint an alternate in his or her absence who may vote in the absence of the member, provided that the alternate appointed by either the Regional Chair or the Chair of Management Committee shall not be the same person and shall be a member of Regional Council
   
   
3. The members of the Debt Issuance Committee shall serve by virtue of their positions until their successors are appointed.
   
   
4. The Chair of the Debt Issuance Committee shall be the Regional Chair or alternate.
   
   
5. The Debt Issuance Committee shall provide by-laws and minutes of its meetings to Regional Council regarding the exercise of its delegated authority at the earliest opportunity after each long term debt issuance.
   
   
6. The quorum for the meetings of the Debt Issuance Committee shall be two members, of whom at least one shall be the Regional Chair or the Chair of Management Committee or their alternates.
   
   
7. Regional Council hereby delegates to the Debt Issuance Committee the authority to enact by-laws authorizing:
   
   

   	(a)	temporary borrowing for expenses from time to time by way of promissory notes, bankers’ acceptances and loan agreements, to meet the current expenditures of the Regional Corporation in the year of borrowing in accordance with the limitations set forth in the Act.
   	(b)	temporary borrowing for works from time to time, to meet the expenditures made in connection with a work to be financed in whole or in part by the issuance of debentures in accordance with the limitations and for the purposes set forth in the Act.
   	(c)	long term borrowing from time to time by the issuance of debentures, and financial instruments and the entering into of financial agreements in accordance with the debt authority previously provided by Regional Council and in accordance with the Act and its Regulations.
   	(d)	any one or more Regional officers or members of the Debt Issuance Committee may, without limiting the generality of the foregoing, for and on behalf of the Regional Corporation, execute and deliver all agreements in connection with the foregoing including agreements with the Regional Corporation’s Canadian Debt Issuance Syndicate and Banking Group and other financial institutions, governments, government related entities and not for profit corporations and all such other documents and instruments and do all such acts and things as in their opinion may be necessary or desirable in connection with the authorized temporary and long term borrowing and such execution shall be conclusive evidence that such agreements, documents and instruments so executed are the agreements, documents and instruments authorized by such by-laws. For clarification the agreement which establishes the Regional Corporation’s Canadian Debt Issuance Syndicate and which is authorized by the incoming Regional Council shall not be subject to the delegation to the Debt Issuance Committee pursuant to this by-law and shall continue to be authorized by Regional Council.

   
   
8. The delegation to the Debt Issuance Committee pursuant to this by-law shall not be revoked prior to the end of the term of the Regional Council at which time this delegation may be revoked otherwise this delegation remains in effect.
   
   
9. The proceedings of the Debt Issuance Committee shall be conducted in accordance with the specific rules for Committees as set out in By-law No. 57-2006 as amended, (the “Procedural By-law”), except where in conflict with this by-law. The subsections of the Procedural By-law set out in Schedule “A” shall not apply to the proceedings of the Debt Issuance Committee.
   
   
10. All sums borrowed pursuant to the authority of this by-law for current expenditures of the Regional Corporation shall, with interest thereon, be a charge upon the whole or any part or parts of the revenues of the Regional Corporation for the year when the borrowing occurs and for any preceding years as and when such revenues are received.
    
    
11. Every by-law enacted by the Debt Issuance Committee shall be signed by the Regional Chair or alternate and by the Regional Clerk. The corporate seal shall be affixed to the by-law and the by-law shall be numbered, dated and deposited in the Office of the Regional Clerk.
    
    
12. Any debenture, financial agreement, financial instrument, promissory note, bankers’ acceptance or loan agreement authorized pursuant to this by-law shall be sealed with the seal of the Regional Corporation and signed by the Regional Chair or such other signing officer as may be designated by by-law and the Treasurer.
    

READ THREE TIMES AND PASSED IN OPEN COUNCIL this 24^th day of February, 2011.

Schedule “A”
To By-law Number 26-2011

Procedural By-law Provisions Not Applicable to the Debt Issuance Committee:

Section I. 2.(d),(e),(n);
Section II. 1.(b);
Section III. 4.(b);
Section IV. 3.(e),4,7.(b),(f);
Section V. 4.(a)i,9;
Section VIII. 1.(a),(b),2.(a),3.(f),(g),(l),4.(a)(v),5.