WHEREAS pursuant to section 46 of the Regional Municipalities Act, R.S.O. 1990, Chapter R.8, as amended, the Regional Corporation has the sole responsibility of the supply and distribution of water in the regional area;

AND WHEREAS the Council of the Regional Corporation has by Resolution 2001-858 on the 4th of October, 2001 authorized the construction of a watermain in the Town of Caledon, pursuant to section 221 of the Municipal Act, R.S.O. 1990, Chapter M.45, as amended, under Project 01-1375, at a total cost of $112,148.99, hereinafter referred to as "the Works";

AND WHEREAS, the Council of the Regional Corporation deems it desirable to impose a waterworks rate on the owners of certain lands in the Town of Caledon, pursuant to section 221(2) of the Municipal Act, R.S.O. 1990, Chapter M.45, as amended;

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

1. That the Regional Corporation shall construct the Works at a total cost of $112,148.99

2. That the capital cost attributable to the abutting property owners, as outlined in Schedule A attached hereto, is $30,005, which includes an imputed interest cost as certified by the Treasurer.

3. That the abutting owners' share of the capital costs be recovered by the imposition of a waterworks rate.

4. That the total cost of the works, being $112,148.99 shall be financed as follows

a) The amount of $82,143.99, being the Regional Corporation's share of the total cost of the Works, shall be financed entirely by the Regional Corporation.

b) The amount of $35,005, being the property owners' share of the total cost of the Works shall be recovered by means of a special rate assessed against the owners of lands abutting the Works, as set out in Schedule A attached hereto, at a rate of $164 per metre of assessable frontage up to a maximum of 61 metres of assessable frontage per property payable over fifteen (15) years, plus imputed interest, as certified by the Treasurer.

5. That an annual waterworks rate, based on a frontage rate of $164 per metre to a maximum of 61 metres per lot, payable over fifteen (15) years, plus imputed interest, as certified by the Treasurer, shall be imposed as due and payable on lots for which a deferred benefit accrues as soon as an immediate benefit is delivered.

6. That the property owners shall be given an opportunity to commute the waterworks rate by advance payment at any time during the fifteen (15) year period.

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 15th day of December, 2005.