THE REGIONAL MUNICIPALITY OF PEEL
 
BY-LAW NUMBER 1-2002
 
A by-law to requisition from the lower tier municipalities a sum not exceeding 50 percent of the amount that in By-law 24-2001 was to be raised in each lower tier municipality before the adoption of the final Regional estimates for the year 2002.


WHEREAS by Section 369(1) of the Municipal Act as amended to and including S.O. 2000, c. 25, s. 24(1, 2) Regional Council may before the adoption of estimates for the year, 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 percent 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 subsection 373(1) or section 442.1, 442.2 or 442.5; and

(c) adding the prescribed percentage (or 50 percent if no percentage is prescribed) of the upper-tier municipality's share of any taxes, deferred under a by-law under subsection 373(1), that were due in the previous year.;

AND WHEREAS Council has by resolution adopted on the 24th January, 2002 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 2002 from the lower tier municipalities as follows:

MUNICIPALITY REQUISITION
City of Mississauga $ 157,919,128
City of Brampton 68,289,988
Town of Caledon 12,140,884
  $ 238,350,000

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

INSTALLMENT DUE DATE MISSISSAUGA BRAMPTON CALEDON
1 February 21, 2002   $22,763,329  
2 March 19, 2002 $52,639,709    
3 March 27, 2002   $22,763,329 $6,070,442
4 April 11, 2002 $52,639,709    
5 April 25, 2002   $22,763,330  
6 May 2, 2002 $52,639,710    
7 May 29, 2002     $6,070,442

3. And 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 1 percent per annum to a maximum rate of 15 percent per annum.

4. That the Treasurer and Commissioner of 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 24th day of January, 2002

B. Zeran
________________________

Regional Clerk

E. Kolb
______________________

Regional Chair