WHEREAS the Council of the Regional Municipality of Peel, hereinafter referred to as "the Regional Corporation" authorized the construction of Local Improvement projects 94-2040, 96-2030, 97-2010, 99-2010 and 01-2020, as further described in Schedule A attached hereto, pursuant to the Local Improvement Act R.S.O 1990, Chapter L.26;

AND WHEREAS the Regional Corporation has authorized the issuance of debentures under By-law 161-94 as outlined in Section 53(2) of the Local Improvement Act;

AND WHEREAS, the Regional Corporation traditionally issued debentures to itself to fund Local Improvement projects;

AND WHEREAS, Regional Corporation's reserves are sufficient to finance the owner's portion of the construction costs of the Local Improvement Projects as set out in Schedule A;

AND WHEREAS, the Council of the Regional Corporation has by Resolution on the 8th day of August, 2002 authorized the enactment of a by-law setting an interest rate for the owner's portion of the Local Improvement Projects as set out in Schedule A;

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

1. That the financing of the owner's portion of the Local Improvement Projects, as outlined in Schedule A. be provided as an interest bearing advance from the Regional Corporation's reserves.

2. That the interest rate on the advance be set at 5.54% for the owner's portion of projects 94-2040, 96-2030, 97-2010, 99-2010 and 01-2020, as further described in Schedule A.

3. That Section 5 of By-law 161-94 be repealed for project 94-2040 to amend the issuance of debentures.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 8th day of August, 2002.