WHEREAS, Section 407 of the Municipal Act, 2001 S.O. 2001, c.25 as amended, (hereinafter referred to as "the Act") 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 amount that the municipality considers necessary to meet the expenses of the municipality for the year;

AND WHEREAS, actual revenues adopted for the year 2015, excluding contributions from reserves and any prior year surplus, are $2,102,328,827;

AND WHEREAS, the Council of the Regional Corporation has by resolution adopted on this 25th day of June, 2015, authorized the enactment of a by-law to authorize the temporary borrowing of monies to meet the current expenditures pending receipt of revenues;

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

1. That the Regional Chair and the Commissioner of Finance and Chief Financial Officer of the Regional Corporation are hereby authorized to borrow from time to time by way of promissory note such sum or sums at any one time not exceeding the total amount of $1,051,164,413 between 1st January, 2015 and 30th September, 2015 and $525,582,206 between 1st October, 2015 and 31st December, 2015 to meet the 2015 current expenditures of the Regional Corporation in accordance with the limitations and for the purposes set forth in Section 407 of the Act;
   
   
2. That all sums borrowed pursuant to the authority of this by-law for 2015 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 2015 and for any subsequent years as and when such revenues are received;
   
   
3. That any promissory note, bankers' acceptance or loan agreement issued under 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 Commissioner of Finance and Chief Financial Officer.

READ THREE TIMES AND PASSED IN OPEN COUNCIL this 25^th day of June, 2015.