|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 123-2007|
A by-law to requisition from the lower-tier municipalities a sum not exceeding 50 per cent of the amount that in By-law 31-2007 was to be raised in each lower-tier municipality, before the adoption of the final Regional estimates for the year 2008.
WHEREAS by Section 316(1) of the Municipal Act, 2001, S.O. 2001, c. 25 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 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 Council has by resolution adopted on the 6th of December, 2007 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 2008 from the lower tier municipalities as follows:
Requisition City of Mississauga $ 213,702,796 City of Brampton 110,472,004 Town of Caledon 16,097,199 $ 340,271,999
2. That the payments to the Regional Corporation under this by-law shall be made, in accordance with Section 316(2) of the Municipal Act, 2001 as follows:
Installment Due Date Mississauga Brampton Caledon 1 February 28, 2008 $36,824,001 2 March 7, 2008 $71,234,265 3 March 26, 2008 $8,048,599 4 March 27, 2008 $36,824,001 5 April 4, 2008 $71,234,265 6 April 24, 2008 $36,824,002 7 May 2, 2008 $71,234,266 8 May 28, 2008 $8,048,600
3. 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 1½ per cent per annum to a maximum rate of 15 per cent per annum.
4. 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 13th day of December, 2007.
| C. Gravlev