WHEREAS the Province of Ontario (“Province”) has committed funding under the 2007 Ontario Economic Outlook and Fiscal Review (“Fall Economic Statement”) to improve and expand public transit across Ontario;

AND WHEREAS the Province wishes to provide The Regional Municipality of Peel (the “Region”) with funding in the amount of $312,524.00 (the “Funds”) under the Fall Economic Statement for the Region’s transit capital expenditures by March 31, 2008;

AND WHEREAS as a condition of receiving the funding, the Region must enact a by-law to outline certain terms and conditions in the use of the Funds;

NOW THEREFORE the Council of the Regional Corporation enacts as follows:

1. The Region is hereby authorized to receive the sum of $312,524.00 from the Province under the Fall Economic Statement, for the Region’s transit capital expenditures.
   
   
2. The Funds shall be:
   

   (a) used for municipal transit capital expenditures;

   (b) audited by the Region’s external auditor and reported to the Ontario Ministry of Transportation on an annual basis; and

   (c) deducted, in full or in part, from future provincial transit funding allocations, if the Region is found not in compliance with subsections (a) and (b) above.

3. This By-law takes effect on the day of passing.
   

READ THREE TIMES AND PASSED IN OPEN COUNCIL this 27^th day of March, 2008.