THE REGIONAL MUNICIPALITY OF
PEEL |
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BY-LAW NUMBER 23-2002 |
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A by-law to provide for the borrowing of
$500,000.00 from Canada Mortgage and Housing Corporation for the purpose
of the construction of a homeless shelter at 15 Wilkinson Road, Brampton
and for the issuing of an installment debenture therefore. |
WHEREAS the Regional Municipalities Act, R.S.O. 1990, Chap.R.8 as amended (the
"Act") provides that the Council of the Regional Corporation may borrow
money for the purposes of the Regional Corporation and may issue debentures
therefore;
AND WHEREAS the Council of the Regional Corporation has by resolution adopted
on the 24th day of January 2002, authorized the borrowing of the sum of $500,000.00
(the "Principal Sum") by way of a forgivable loan from the Canada
Mortgage and Housing Corporation ("CMHC") for a term of fifteen (15)
years (the "Term"), and has further authorized the issuance of a debenture
as security for the aforementioned loan for the purpose of reducing the capital
costs of the construction of a homeless shelter at 15 Wilkinson Road, Brampton,
Ontario;
AND WHEREAS by a loan commitment dated November 9, 2001 (the "Loan Commitment")
and a financing agreement dated November 9, 2001 (the "Financing Agreement"),
CMHC has agreed to make the aforementioned loan to the Regional Corporation,
in accordance with the terms of the said Loan Commitment and Financing Agreement;
AND WHEREAS the Financing Agreement provides that the loan shall become due
and payable by the Regional Corporation in annual instalments comprised of principal
on the basis of one-fifteenth (1/15th) of the Principal Sum on each anniversary
date of the commencement date, as described in the Financing Agreement, and
continuing annually for a period of fifteen (15) years from such commencement
date;
AND WHEREAS the Financing Agreement further provides that CMHC shall, on the
anniversary date of each year during the Term, forgive, on an annual basis,
payment of the principal amount due on such date, whereupon the loan shall be
deemed to be reduced by such amount as if such principal payment had been made,
provided the Regional Corporation is not in default under the terms of the said
Financing Agreement;
AND WHEREAS it is deemed expedient to issue a debenture on the credit of the
Regional Corporation in the principal amount of $500,000.00, such debenture
to bear no interest;
NOW, THEREFORE, THE COUNCIL OF THE REGIONAL MUNICIPALITY OF PEEL ENACTS AS FOLLOWS:
- That the borrowing of $500,000.00 for the above recited purpose, and the
issue of a debenture or debentures therefore in the total amount of $500,000.00
on the credit of the Regional Municipality of Peel, to be repaid in annual
instalments during a term of fifteen (15) years as hereinafter set forth,
is hereby authorized and approved.
- That the Regional Chair and Treasurer and Commissioner of Finance of the
Regional Corporation be and they are hereby authorized to cause a debenture
or debentures to be made for the total sum of $500,000.00 and the said debenture
shall have the signatures of the Regional Chair and Treasurer and Commissioner
of Finance of the Regional Corporation and shall be sealed with the seal of
the Regional Corporation, all in accordance with the Act.
- That the debenture shall be dated the 1st day of May, 2002 and shall be
issued within one (1) year after the date on which this by-law is passed,
and as to principal shall be expressed and shall be payable in lawful money
of Canada.
- That the debenture shall bear no interest, and that one-fifteenth (1/15th)
of the Principal Sum shall be payable annually in fifteen (15) equal annual
instalments of principal on the 1st day of May in each of the years 2003 to
2017, both inclusive, as set out in Schedule A hereto, which schedule forms
part of this by-law.
- That the debenture shall be in fully registrable form and 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.
- That the debenture to be issued hereunder may contain or have endorsed
upon it a provision to the following effect:
"This debenture is not, after a certificate of ownership has been endorsed
thereon by the Treasurer of the Regional Corporation (or by such other person
authorized by by-law of this Corporation to endorse such certificate of ownership),
transferable except by entry by the Treasurer (or by such other person so
authorized) in the Debenture Registry Book of the Corporation at the City
of Brampton."
- That the debenture shall be issued in the name of Canada Mortgage and Housing
Corporation and the Regional Corporation shall not be required to make any
transfers, registrations or exchanges of the debenture at any time.
- That the proceeds of the debenture shall be applied for the above recited
purpose of the Regional Corporation and for no other purpose.
- That there shall be raised in each year during the said fifteen (15) year
period from the date of the debenture, by special levies, the total amount
of principal for each year set out in the last column of Schedule A hereto
for the above recited purpose, and in each such year the said yearly amount
shall be and is hereby levied against all the area municipalities as defined
in the Regional Municipality of Peel Act, R.S.O. 1990, Chap.R.15, as amended,
provided that no greater rate shall be levied under this paragraph than is
required, after taking into account all amounts received by the Regional Corporation
from any area municipality charged by by-law under the Act, with all or part
of the cost.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 28th day of March,
2002
B.
Zeran
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Regional Clerk
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E.
Kolb
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Regional Chair |