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THE CORPORATION OF THE COUNTY OF ESSEX <br />BY -LAW NUMBER 24 -2004 <br />A BY -LAW OF THE CORPORATION OF THE COUNTY OF ESSEX <br />TO AUTHORIZE THE BORROWING UPON INSTALMENT DEBENTURES <br />IN THE AMOUNT OF $6,165,000 TOWARDS THE COST OF ROAD AND <br />BRIDGE RECONSTRUCTION <br />WHEREAS the Municipal Act, 2001, as amended (the "Act') <br />provides that a municipality may incur a debt for municipal purposes, <br />whether by borrowing money or in any other way, and may issue <br />debentures and prescribed financial instruments and enter prescribed <br />financial agreements for or in relation to the debt; <br />AND WHEREAS the Council of The Corporation of the County <br />of Essex (the "Municipality") has passed the by -laws enumerated in <br />column (1) of Schedule "A" attached hereto and forming part of this <br />By -law authorizing the projects described in column (2) of Schedule <br />"A" (individually a "Project ", collectively, the "Projects "), and <br />authorizing the entering into of a Financing Agreement for the <br />provision of temporary borrowing from OMEIFA in respect of the <br />Projects (the "Financing Agreement') and the Municipality desires to <br />issue debentures for the Projects in the respective amounts specified <br />in column (5) of Schedule "A "; <br />AND WHEREAS before authorizing each Project the <br />Municipality had its Treasurer update its most recent annual debt and <br />financial obligation limit received from the Ministry of Municipal Affairs <br />and Housing in accordance with the applicable regulation and, prior to <br />authorizing each Project, the Treasurer determined that the estimated <br />annual amount payable in respect of each Project would not cause <br />the Municipality to exceed the updated limit and that the approval of <br />each Project by the Ontario Municipal Board, was not required; <br />AND WHEREAS the Municipality has submitted an application <br />to the Ontario Municipal Economic Infrastructure Financing Authority <br />( "OMEIFA ") for long term borrowing through the issue of debentures <br />to OMEIFA in respect of the Projects (the "Application ") and the <br />Application has been approved; <br />AND WHEREAS on May 18, 2004 a regulation was filed which <br />changed the name of OMEIFA to the Ontario Strategic Infrastructure <br />Financing Authority ( "OSIFA "); <br />AND WHEREAS to provide long term financing for the Projects <br />and to repay certain temporary advances in respect of the Projects <br />made by OMEIFA pursuant to the Financing Agreement dated as of <br />December 18, 2003 (the "Advances "), it is now expedient to issue 10 <br />