|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 4- 2005|
A by-law to establish a reserve fund for the receipt of dedicated provincial gas tax funds under the Dedicated Gas Tax Funds for Public Transportation Program.
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 is expected to provide 1 cent per litre from October 2004 to September 2005, 1.5 cents per litre from October 2005 to September 2006 and 2 cents per litre from October 2006 to September 2007 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 $303,050 from October 2004 to September 2005 under the program for the TransHelp service;
AND WHEREAS there is a Letter of Agreement between Her Majesty the Queen in right of the Province of Ontario, as represented by the Minister of Transportation for the Province of Ontario, and the Regional Municipality of Peel dated December 13, 2004;
AND WHEREAS this Letter of Agreement requires that the payments to the Region remain current with respect to its municipal one-third share of the GO Transit Capital Growth Budget;
AND WHEREAS this 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 expenditures;
AND WHEREAS the Region will be required to develop a Ridership Growth Plan and an Asset Management Plan that will have to be submitted by March 31, 2006 as the basis for receiving future dedicated gas tax funds;
AND WHEREAS the Region will be accountable for the use of dedicated gas tax funds in order to achieve increased public transportation ridership and will be required to report prior to March 31, 2005 on how gas tax funds were spent during 2004 and thereafter on an annual basis;
AND WHEREAS the Region will also be required to provide and implement dedicated gas tax funding communication and recognition events as part of its marketing and public events plans that support the Ridership Growth Plan;
AND WHEREAS payment of any annual gas tax funds to the Region will be made by the Ministry of Transportation on a quarterly basis subject to the annual appropriations of such funds by the Legislative Assembly of Ontario;
AND WHEREAS the Ministry of Transportation will advise each municipality, on an annual basis, as to the amount of dedicated gas tax funds it is eligible to receive for that year;
NOW THEREFORE the Council of the Regional Municipality of Peel shall establish a dedicated gas tax funds reserve account (R0022) into which all moneys received by the Region from the Ministry of Transportation under the Dedicated Gas Tax Funds for Public Transportation Program shall be deposited and used for eligible expenditures.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 27th day of January, 2005.