|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 13- 2006|
A by-law to establish a reserve fund for the receipt of dedicated rent bank funds from the Provincial Rent Bank Program.
WHEREAS in March 2004 the Province of Ontario announced dedicating funds under the Provincial Rent Bank Program to provide financial assistance to low income tenants who are experiencing short-term rent arrears by contributing to the payment of rent arrears (the "Rent Bank Program");
AND WHEREAS the Province provides a one-time payment to municipal service managers to assist them in establishing or expanding local Rent Bank Programs;
AND WHEREAS The Regional Municipality of Peel (the "Region") currently operates a local Rent Bank Program (also known as the Homelessness Prevention Program);
AND WHEREAS the Region has received $866,734 in grant funds from the Province in 2004 under the Provincial Rent Bank Program to enhance the Region's own Rent Bank Program (the "Grant Funds");
AND WHEREAS an Agreement was entered into between Her Majesty the Queen in right of the Province of Ontario, as represented by the Minister of Municipal Affairs and Housing for the Province of Ontario, and the Region on October 27, 2004 in respect of the Grant Funds (the "Agreement");
AND WHEREAS a maximum of 10% of the Grant Funds may be used for administrative costs relating to the Rent Bank Program;
AND WHEREAS the remainder of the Grant Funds must be used for the payment of rent arrears on behalf of eligible tenants, in accordance with certain rules established under the Agreement;
AND WHEREAS the Region will be accountable for the use of the Grant Funds and is required to report to the Ministry of Municipal Affairs and Housing prior to February 1, 2006 and thereafter on an annual basis, on its use of the Grant Funds;
AND WHEREAS Council by resolution passed on October 28, 2004 approved the establishment of a reserve fund for the receipt of the Grant Funds;
AND WHEREAS Council by resolution passed on March 9, 2006 authorized the enactment of a by-law to establish a reserve fund for the receipt of the Grant Funds;
AND WHEREAS it is deemed desirable to establish a reserve fund for the purpose of receiving the Grant Funds from the Province;
NOW THEREFORE the Council of the
Region hereby authorizes the establishment of a dedicated rent bank funds reserve
fund account (R0020) into which all Grant Funds received by the Region from
the Ministry of Municipal Affairs and Housing under the Provincial Rent Bank
Program shall be deposited and used for eligible expenditures.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 9th day of March, 2006.