|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 45-2010|
A by-law to authorize the execution of a book entry only - services agreement and a Rider, both with CDS Clearing and Depository Services Inc. (“CDS”) and both in respect of the deposit in the CDS system of debentures as book entry only securities.
WHEREAS the Municipal Act, 2001, as amended (the “Act”) 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 Regional Municipality of Peel (the “Region”) intends to issue debentures in the capital markets to provide financing for its capital works or for capital works of its lower-tier municipalities, as the case may be, pursuant to the provisions of the Act from time to time in connection with various long term financing transactions;
AND WHEREAS, such debentures are typically issued in global fully registered form (individually a “Global Debenture” and collectively the “Global Debentures”) in the name of CDS & CO. as nominee of CDS Clearing and Depository Services Inc. (“CDS”) as book entry only securities;
AND WHEREAS, CDS has introduced changes to its book entry only services system and, effective August 1, 2009, requires Ontario municipal issuers who desire to issue debentures in the CDS system as book entry only securities to enter into new arrangements with CDS, including CDS’ Book Entry Only Securities – Services Agreement and as part of the new arrangements, Ontario municipalities may enter into Rider 1 (Municipalities) to CDS’ Book Entry Only Securities – Services Agreement (the “Rider”);
AND WHEREAS, it is expedient to authorize the entering into new arrangements with CDS to ensure that CDS accepts new issues of debentures and maintains existing securities issued by the Region as book entry only securities in the CDS system;
NOW THEREFORE the Council of the Regional Corporation enacts as follows:
READ THREE TIMES AND PASSED IN OPEN COUNCIL 3rd day of June, 2010.