|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 168-2011|
A by-law to requisition from the lower-tier municipalities a sum not exceeding 50 per cent of the amount that in By-law 52-2011 was to be raised in each lower-tier municipality, before the adoption of the final Regional estimates for the year 2012.
WHEREAS by Section 316(1) of the Municipal Act, 2001, S.O. 2001, c. 25 (hereinafter referred to as the “Act”) 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 the amounts under Sub-sections 316(1)(b) and 316(1)(c) of the Act are not significant and have not been reflected in the requisition amount;
AND WHEREAS Regional Council has by resolution adopted on the 8th of December, 2011 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 2012 from the lower tier municipalities as follows:
Municipality Requisition City of Mississauga $ 258,622,704 City of Brampton 136,716,859 Town of Caledon 19,629,069 Total $ 414,968,632
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:
Due Date Mississauga Brampton Caledon January 16 $ 11,379,399 February 15 $ 11,379,399 February 23 $ 45,572,286 March 2 $ 121,552,671 $ 9,814,535 March 15 $ 12,155,267 March 22 $ 45,572,286 April 10 $ 32,586,461 April 16 $ 12,155,267 April 19 $ 45,572,287 May 4 $ 32,586,461 $ 9,814,534 May 15 $ 12,155,267 June 15 $ 12,672,512
3. That a lower-tier municipality may request an adjustment under Sub-sections 316(1)(b) and 316(1)(c) of the Act by identifying the said adjustments to the Regional Corporation prior to the due dates identified in this by-law and upon validation by the Chief Financial Officer following upon such a request, if any, adjustments to the requisition amount and payment schedule shall be made accordingly.
4. 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 2 per cent per annum to a maximum rate of 15 per cent per annum.
5. 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 8th day of December, 2011.