|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 5-2014|
A by-law to authorize the Regional Chair and the Chief Financial Officer to execute a 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 for 2013/2014.
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 of Ontario has made the Provincial Gas Tax Funds for Public Transportation permanent as per the passing and proclamation of the Dedicated Funding for Public Transportation Act, 2013;
AND WHEREAS, the Province is expected to provide 2.0 cents per litre for an interim six-month program from October 2013 to March 2014 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 $352,932 from October 2013 to March 2014 under the interim six-month program for the TransHelp service;
AND WHEREAS, the Province of Ontario will release a payment of $176,466 to the Regional Municipality of Peel upon receipt of the signed Letter of Agreement and related authorizing by-law;
AND WHEREAS, the Regional Municipality of Peel is required to execute a Letter of Agreement with 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, the 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 2013/2014 Guidelines and Requirements (Interim Six-Month Program), including demonstrating that these payments are current prior to the release of the Dedicated Gas Tax Funds;
NOW THEREFORE, the Council of the Regional Corporation enacts as follows:
READ THREE TIMES AND PASSED IN OPEN COUNCIL this 23rd day of January, 2014.
Schedule "A" to By-law 5-2014 (pdf)