|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 42-2001|
|A by-law to establish a reserve fund for the capital and stabilization requirements of a golf course located on part of property municipally known as the Britannia Sanitary Landfill Site.|
WHEREAS Section 109 of The Regional Municipalities Act, R.S.O. 1990, c. R.8 [the "Act"], provides that the Regional Council may establish a reserve fund for any purpose for which it has authority to spend funds;
AND WHEREAS the Region of Peel, on May 14, 1998, approved resolution 98-576 giving authorization to complete an Operations and Maintenance Agreement with the City of Mississauga for the Britannia Golf Course based upon the principles outlined in the report;
AND WHEREAS The Regional Municipality of Peel [the "Region"] has entered into an Agreement with the Corporation of the City of Mississauga [the "City"] on the 22nd of December 2000, entitled "Britannia Sanitary Landfill Site Golf Course Operation and Maintenance Agreement" [the "Agreement"], regarding the operation and maintenance of a golf course constructed by the Region on part of property municipally known as the Britannia Sanitary Landfill Site;
AND WHEREAS pursuant to the Agreement, the Region is required to establish a Golf Course Capital and Stabilization Reserve Fund to maintain payments received by the City in relation to the repayment of the Region's capital investment required for the design and construction of the golf course in accordance with the terms of the Agreement;
AND WHEREAS it is deemed desirable to establish a reserve fund for the purposes described herein;
NOW THEREFORE the Council of The Regional Municipality of Peel enacts as follows:
1. That the Region shall establish a Golf Course Capital and Stabilization Reserve Fund [the "Reserve Fund"] into which all moneys received by the Region from the City in accordance with Paragraph 6.2 of the Agreement, shall be deposited.
2. That pursuant to the Agreement, the moneys placed in the Reserve Fund shall be used only for the purposes set out in Paragraph 6.4 of the Agreement, namely:
(a) for golf course related capital expenditures, save and except the replacement of equipment necessary for the operation and maintenance of the Golf Course as referred to as Start-Up Equipment in Sections 4.3 and 6.1 of the Agreement; and
(b) if due to the Region carrying out works required to execute its responsibility for the on-going operation, maintenance and perpetual care of the landfill, golf course revenue is impacted and the golf course achieves a net deficit based on generally accepted accounting principles for the year in which such works are undertaken, the Region shall use the Reserve Fund:
(i) to fund 50% of the deficit where the golf course remains open but is impacted by Regional works;
(ii) to fund 100% of the deficit where the golf course is closed as a result of Regional works.
3. That the interest from the Reserve Fund's investments shall be credited to the unallocated balance of the fund.
4. That no moneys may be expended from the Reserve Fund for any purpose until
such time as Council has designated that the particular purpose or project be
financed in whole or part from the Reserve Fund.
5. That the Reserve Fund shall be managed and maintained by the Commissioner of Finance who shall prepare annual estimates of the Revenues and Expenditures of the fund and shall report annually to Council on the balance of the fund, and shall be authorized to invest such funds in accordance with his powers under the Act.
6. That this by-law comes into force and takes effect on the 13th September,
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this September 13, 2001