|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 16- 2006|
A by-law to authorize the Regional Chair and the Treasurer and Commissioner of Finance to execute the Letter of Agreement between the Province of Ontario and the Regional Municipality of Peel related to funding provided by the Province of Ontario to the Regional Municipality of Peel under the Dedicated Gas Tax Funds for Public Transportation Program.
WHEREAS in October 2004 the Province of Ontario announced dedicating provincial gas tax funds under the Dedicated Gas Tax Funds for Public Transportation Program in order to increase public transportation ridership;
AND WHEREAS the Province is expected to provide 1.5 cents per litre from October 2005 to September 2006 to the Dedicated Gas Tax Funds for Public Transportation Program;
AND WHEREAS the province will be allocating the gas tax revenues based on 70 per cent transit ridership and 30 per cent municipal population;
AND WHEREAS the Regional Municipality of Peel is estimated to receive $469,182 from October 2005 to September 2006 under the program for the TransHelp service;
AND WHEREAS the Regional Municipality of Peel will receive an initial payment of $234,591 payable on receipt of the executed Letter of Agreement with the remaining quarterly payments to be paid beginning in May, 2006;
AND WHEREAS the Regional Municipality is required to execute the Letter of Agreement between Her Majesty the Queen in right of the Province of Ontario, as represented by the Minister of Transportation for the Province of Ontario;
AND WHEREAS this Letter of Agreement provides that gas tax funds, including all interest earned, be kept in a dedicated gas tax funds reserve account and remain the property of the Ministry of Transportation pending payment of costs for eligible public transportation expenditures;
AND WHEREAS the Regional Municipality of Peel is required to adhere to the reporting and accountability measures set out in the Letter of Agreement and the 2005/2006 Guidelines and Requirements, including the requirement to provide one-third of capital expansion costs for GO Transit expansion and demonstrating that these payments are current prior to the release of the Dedicated Gas Tax Funds;
NOW THEREFORE be it resolved that:
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 9th day of March, 2006.
Schedule "A" to By-law 16-2006 available in Clerk's