BY-LAW NUMBER 7-97-23rd January, 1997

THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 7-97

A by-law to levy against the area municipalities a sum not exceeding 50 percent of the levy made by Regional Council in 1996 before the adoption of the final Regional estimates for the year 1997.

WHEREAS by Section 27(1) of the Regional Municipality of Peel Act, R.S.O. 1990, Chapter R.15, the Regional Council may before the adoption of estimates for the year, levy against each of the area municipalities a sum not exceeding 50 percent of the levy made by the Regional Council in the preceding year against that municipality

AND WHEREAS Council has by resolution approved on January 23rd, 1997 authorized an interim levy by-law;

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

1. That an Interim General Levy be made in respect of the year 1997, against the area municipalities as follows:

MUNICIPALITY	GENERAL LEVY
City of Mississauga	$ 72,100,532.00
City of Brampton	$ 27,419,088.00
Town of Caledon	$ 3,989,067.00
	$ 103,508,687.00

2. That the Interim General Levy payments to the Regional Corporation under this by-law shall be made, in accordance with Regional Council Policy approved by Resolution 76-57-33, on the first working day following the area municipality due dates for tax bills as follows:

	Mississauga	Brampton	Caledon
1st Installment	March 5, 1997 $ 11,306,110.00	Feb. 21, 1997 $ 2,089,117.00	March 26, 1997 $ 30,193,362.00
2nd Installment	April 4, 1997 $ 1,889,950.00	March 26, 1997 $ 20,953,585.00	May 28, 1997 $ 8,056,489.00
3rd Installment	May 7, 1997 $ 20,953,585.00	April 25, 1997 $ 8,056,489.00	___

and that any amounts not received at the Region's bank via electronic funds transfer by the due date, or by the Regional Corporation before the close of business on the due date, that being by 4:30 p.m., to allow the Region to receive value for the funds on that day, shall bear interest at a rate equivalent to the highest chartered bank prime rate on the due date plus 1½ percent per annum to a maximum rate per annum of 15 percent.

3. That the Region of Peel's installment due dates specified herein are set and will be amended as required to be one (1) business day following the tax bill installment due dates established by each area municipality's tax levy and collection By-law.

4. That the Treasurer and Commissioner of Finance is hereby directed and authorized to do all acts necessary to collect these levies.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 23rd January, 1997.

Regional Clerk, Regional Chair