WHEREAS the Council of The Regional Municipality of Peel has at its meeting of March 30, 2000 considered a report of the Treasurer and Commissioner of Finance in which the operation of Division B of Part XXII.2 of the Municipal Act, S.O. 1998, c.33 (the "capping provision") as enacted by the Fairness for Municipal Property Taxpayers Act, 1998 was reviewed;

AND WHEREAS the report of the Regional Treasurer and Commissioner of Finance recommended the adoption by the Council of a by-law pursuant to section 447.44 of the Municipal Act to make the capping provision apply for 2000;

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

1. That Division B of Part XXII.2 of the Municipal Act, R.S.O. 1990, ch. M.45 as amended by the Fairness For Property Taxpayers Act, 1998 shall apply for 2000 to property in The Regional Municipality of Peel that is in a property class designated by this by-law.
2. That the commercial property class, the industrial property class and the multi-residential property class are designated for the purposes of section 1 of this by-law.
3. This by-law may be cited as the Region of Peel 10-5-5 Tax Rate Cap By-Law, 2000.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 30th March, 2000.