|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 37-2006|
A by-law to establish a reserve fund for the maintenance of the dedicated operating surplus associated with the Public Sector Network.
WHEREAS in April 2001 The Regional Municipality of Peel (the "Region") entered into the Public Sector Network (PSN) Agreement (the "Agreement") with the City of Brampton, the City of Mississauga and the Town Of Caledon;
AND WHEREAS the Region collects fees and pays expenses on behalf of the PSN;
AND WHEREAS this collection of fees and payment of expenses can produce an annual operating surplus that should be segregated from the Region's general operating surplus;
AND WHEREAS the net proceeds of the PSN operations are subject to the provisions of the Agreement as administered by the PSN Steering Committee;
AND WHEREAS Council by resolution passed on March 9, 2006 approved the establishment of a reserve fund for the retention of any surplus funds generated by the collection of fees and payment of expenses on behalf of the PSN;
AND WHEREAS it is deemed desirable to establish a reserve fund for the purpose of the retention of any surplus PSN funds;
NOW THEREFORE the Council of the Regional Municipality of Peel enacts as follows:
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 6th day of July, 2006.