|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 2-2006|
A by-law to requisition from the lower tier municipalities a sum not exceeding 50 percent of the amount that in By-law 46-2005 was to be raised in each lower tier municipality before the adoption of the final Regional estimates for the year 2006.
WHEREAS by Section 316(1) of the Municipal Act, 2001, S.O. 2001, c. 25 Regional Council may before the adoption of estimates for the year, requisition a sum from each lower-tier municipality not exceeding an amount determined by,
(a) adding the prescribed percentage (or 50 per cent if no percentage is prescribed) of the amount that, in the upper-tier rating by-law for the previous year, was estimated to be raised in the particular lower-tier municipality;
(b) subtracting the prescribed percentage (or 50 percent if no percentage is prescribed) of the upper-tier municipality's share of the costs, for the previous year, of deferrals, cancellations or other relief under a by-law under section 319, 361, 362 or 364; and
(c) adding the prescribed percentage (or 50 percent if no percentage is prescribed) of the upper-tier municipality's share of any taxes, deferred under a by-law under subsection 319(1), that were due in the previous year;
AND WHEREAS Council has by resolution adopted on the 26th of January, 2006 authorized the presentation of this by-law for enactment;
1. That a requisition be and the same is hereby made in respect of the year 2006 from the lower tier municipalities as follows:
Municipality Requisition City of Mississauga $ 191,271,296 City of Brampton 91,775,628 Town of Caledon 14,903,075 $ 297,949,999
2. That the payments to the Regional Corporation under this by-law shall be made, in accordance with Section 316(2) of the Municipal Act, as follows:
Installment Due Date Mississauga Brampton Caledon 1 February 23, 2006 $30,591,876 2 March 3, 2006 $63,757,098 3 March 23, 2006 $30,591,876 4 March 29, 2006 $7,451,537 5 April 7, 2006 $63,757,098 6 April 27, 2006 $30,591,876 7 May 5, 2006 $63,757,100 8 May 31, 2006
3. And that any amounts not received at 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 by 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 prime rate of the Region's bank on the due date plus 1 ½ per cent per annum to a maximum rate of 15 per cent per annum.
4. That the Treasurer and Commissioner of Finance is hereby directed and authorized to do all acts necessary to collect these amounts.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 26th day of January, 2006.