|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 41-2006|
A by-law toA by-law to authorize the establishment of a reserve fund for the receipt of federal public transit funds under the Municipal Funding Agreement ("MFA") for the Transfer of Federal Public Transit Funds with the Association of Municipalities of Ontario.
WHEREAS on March 30, 2006 the Government of Canada, and Ontario municipalities as represented by the Association of Municipalities of Ontario ("AMO") executed the Agreement on the Transfer of Federal Public Transit Funds (the "PTF Agreement");
AND WHEREAS the PTF Agreement includes specific provisions that the Public Transit Funds primarily support investments in public transit infrastructure;
AND WHEREAS the Regional Municipality of Peel has been allocated a total of $51,005 for 2005/2006 and will be allocated additional funds in future years;
AND WHEREAS sub-section 6.3 of the Municipal Funding Agreement ("MFA") permits the Regional Municipality of Peel to carry over unexpended funds into subsequent years in a reserve fund account and to apply any interest earned on the funds to eligible costs on eligible projects or to eligible administration costs related to the implementation of the MFA;
NOW THEREFORE the Council of the Regional Municipality of Peel enacts as follows:
1. That the establishment of a dedicated federal public transit fund reserve account is authorized.
2. That all monies received by the Region from AMO under the MFA shall be deposited
in the dedicated federal public transit fund reserve account and used for eligible
expenditures under the MFA.
READ THREE TIMES AND PASSED IN OPEN COUNCIL this 3rd of August, 2006.