|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 77-2015|
|A by-law to requisition from the lower-tier municipalities a sum not exceeding 50 per cent of the amount that in By-law 22-2015 was to be raised in each lower-tier municipality, before the adoption of the final Regional estimates for the year 2016.|
WHEREAS Section 316(1) of the Municipal Act, 2001, S.O. 2001, c. 25 (hereinafter referred to as the "Act") provides that Regional Council, before the adoption of the estimates for the year under section 289 of the Act, may by by-law 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 per cent 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 Sections 319, 361, 362 or 364; and
(c) adding the prescribed percentage (or 50 per cent 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, the amounts under Sub-sections 316(1)(b) and 316(1)(c) of the Act are not significant and have not been reflected in the requisition amount;
AND WHEREAS, Council has by resolution adopted on the 10th of December, 2015 authorized the presentation of this by-law for enactment;
NOW THEREFORE be it resolved, that the Council of the Regional Corporation enacts as follows:
1. That a requisition be and the same is hereby made in respect of the year 2016 from the lower tier municipalities as follows:
Municipality Requisition City of Mississauga $ 284,027,614 City of Brampton 161,200,424 Town of Caledon 22,410,122 Total $ 467,638,160
2. That the payments by each of Mississauga, Brampton and Caledon to the Regional Corporation under this by-law shall be made, in accordance with Section 316(2) of the Municipal Act, 2001 as follows:
2016 Due Date Mississauga Brampton Caledon January 15 $ 13,917,353 February 16 $ 13,633,325 February 18 $ 53,733,475 March 4 $ 125,256,178 $ 11,205,061 March 15 $ 13,917,353 March 24 $ 53,733,475 April 8 $ 37,775,673 April 15 $ 13,917,353 April 21 $ 53,733,474 May 6 $ 37,775,673 $ 11,205,061 May 16 $ 13,917,353 June 15 $ 13,917,353
3. That a lower-tier municipality may request an adjustment under Sub-sections 316(1)(b) and 316(1)(c) of the Act by identifying the said adjustments to the Regional Corporation prior to the due dates identified in this by-law and upon validation by the Chief Financial Officer following upon such a request, if any, adjustments to the requisition amount and payment schedule shall be made accordingly.
4. 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 2 per cent per annum to a maximum rate of 15 per cent per annum.
5. That the Chief Financial Officer is hereby directed and authorized to do all acts necessary to collect these amounts.
READ THREE TIMES AND PASSED IN OPEN COUNCIL this 10th day of December, 2015.
Acting Regional Clerk