THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 34-2000

WHEREAS Section 447.52(2) of the Municipal Act (the "Act") as amended by the More Tax Cuts for Jobs, Growth and Prosperity Act, 1999 S.O. 1999 c.9 requires the Council of an upper-tier municipality to which Division B of Part XXII.2 (capping of taxes –10+5+5% cap) of the Act applies, to pass a by-law requiring adjustments between the upper-tier municipality and the lower-tier municipalities so that neither the upper-tier municipality nor any lower tier municipality has a surplus or shortfall as a result of the adjustment of taxes for municipal and school purposes to account for the phase-in of tax increases and decreases;

AND WHEREAS Division B of Part XXII.2 of the Act has been made to apply to the Regional Corporation by the enactment of By-Law 32-2000;

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

1. That in this by-law:
   1. "area municipality" means the City of Mississauga, the City of Brampton and the Town of Caledon;
   2. "Region" means The Regional Municipality of Peel;
   3. "shortfall" means a shortfall of taxes to the Region or to an area municipality as a result of adjustments under paragraph 3 of subsection 447.47(1) of the Act;
   4. "surplus" means a surplus of taxes to the Region or to an area municipality as a result of adjustments under paragraph 3 of subsection 447.47(1) of the Act;
   5. "Treasurer" means the Treasurer and Commissioner of Finance of the Region;
      
      
2. That adjustments shall be made in accordance with this by-law between the Region and the area municipalities so that neither the Region nor any area municipality has a surplus or shortfall.
   
   
3. That the Treasurer shall determine for the Region and for each area municipality whether there exists for one or more taxation years, surpluses or shortfalls requiring adjustment pursuant to this by-law.
   
   
4. That the treasurer of any area municipality determined by the Treasurer to have a surplus shall make payment of the whole of such surplus to the Treasurer within 30 days of receipt of written notification from the Treasurer requiring such payment, or within such one or more other period or periods of time as the Treasurer shall determine.
   
   
5. That the Treasurer shall make payment of any funds received on account of the surplus pursuant to clause 4, to the Treasurer of any area municipality for which he has determined that there exists a shortfall, for the purpose of eliminating such shortfall.
   
   
6. That the Treasurer shall make one or more payments pursuant to clause 5 within 30 days of receiving payment pursuant to clause 4.
   
   
7. That any amounts not received by 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 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 Region’s lead bank’s prime rate per annum on the due date plus one and one-half percent per annum to a maximum rate of 15% per annum, from the date that payment is due to the date that it is received.
   
   
8. That the Treasurer is hereby directed an authorized to do all acts necessary to collect any amount due to the Regional Corporation and to make payment of any amount payable by the Regional Corporation under this by-law.

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