THE REGIONAL MUNICIPALITY OF PEEL

BY-LAW NUMBER 3-2001

A by-law to requisition from the lower tier municipalities a sum not exceeding 50 percent of the amount that in By-law 35-2000 was to be raised in each lower tier municipality before the adoption
of the final Regional estimates for the year 2001.

WHEREAS by Section 369(1) of the Municipal Act Regional Council may before the adoption of estimates for the year, requisition from each of the lower tier municipalities a sum not exceeding 50 percent of the amount raised by the Regional Council in the preceding year in that municipality;

AND WHEREAS Council has by resolution adopted on 18TH January 2001 authorized the presentation of this by-law for enactment;

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

    1. That a requisition be made in respect of the year 2001 from the lower tier municipalities as follows:

    2. MUNICIPALITY REQUISTION
      City of Mississauga 153,707,992
      City of Brampton 64,531,438
      Town of Caledon 11,760,570
        230,000,000

    3. That the payments to the Regional Corporation under this by-law shall be made, in accordance with Sections 369(2) of the Municipal Act, as follows:

    4. INSTALLMENT DUE DATE MISSISSAUGA BRAMPTON CALEDON
      1 March 8, 2001 51,235,997 21,510,479
      2 March 29, 2001 5,880,285
      3 April 5, 2001 51,235,997 21,510,479
      4 May 3, 2001 51,235,998 21,510,480
      5 May 31, 2001 5,880,285

    5. And that any amounts not received at the Regionís 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 Regionís bank on the due date plus 1 Ĺ percent per annum to a maximum rate of 15 percent per annum.
    6. That the Treasurer and Commissioner to Finance is hereby directed and authorized to do all acts necessary to collect these amounts.

 

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this day 18th January, 2001.

 

B. Zeran
___________________________

Regional Clerk

E. Kolb
___________________________

Acting Regional Chair