Classic & Vintage - Need Help with Peugeot bike

I am trying to get into cycling. I have a bike from a friend, it is Peugeot with a white frame. Handlebars are straight across. some of the writing on the bike is as follows: ISS 500, 5'3" minimum, Cadre DBS frame, CMO Chromology.....says made in Canada and it has quick release tire on the front. Also has shimano brakes (and gears?)...i believe. Can anyone help me out with id'ing this bike? Is it good for bicycling for exercise....mostly in the city on streets?

HELP!!!!!!!!

The Canadian Peugeots were later than the ones I have experience with. As long as the bike is in well maintained condition, it will be fine for riding on city streets and for exersize. I would do the following:

1) Replace the cables and housing
2) Replace the brake pads; clean the rim braking suface with rubbing alcohol.
3) Replace and re-lube any loose ball bearings (hubs, headset, bottom bracket)
4) Clean the chain and check for stretch, replace if neccessary
5) Ride and have fun.

Someone should be along shortly to mention whatever it was I forgot.

Enjoy.

Its been awhile but here it goes. Some of Peugeot Canadas m odels were not measured in the conventional manner. They had top tubes that intersected the seat tube at a point much lower than normal. They werent ladies frames or mixte frames but were more of a universal mens/ladies frame.

If I'm remebering correctly an ISS 500 frame was like a 50cm if measured conventionaly with a minimum height recommendation of 5'3". Peugeot Canada made 3 different sizes.

it was designed for general recreational cycling as you suggested.