|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 85-2011|
A by-law to authorize the Regional Chair and the Chief Financial Officer to execute a Letter of Agreement between the Province of Ontario and the Regional Municipality of Peel related to funding provided by the Province of Ontario to the Regional Municipality of Peel under the Dedicated Gas Tax Funds for Public Transportation Program for 2010/2011
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 2.0 cents per litre from October 2010 to September 2011 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 $638,198 from October 2010 to September 2011 under the program for the TransHelp service;
AND WHEREAS, the Province of Ontario will release an initial payment of $478,549 to the Regional Municipality of Peel upon receipt of the signed Letter of Agreement and related authorizing by-law, and will provide the remaining funding on a quarterly basis;
AND WHEREAS, the Regional Municipality of Peel is required to execute a Letter of Agreement with Her Majesty the Queen in right of the Province of Ontario, as represented by the Minister of Transportation for the Province of Ontario;
AND WHEREAS, the 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 public transportation expenditures;
AND WHEREAS, the Regional Municipality of Peel is required to adhere to the reporting and accountability measures set out in the Letter of Agreement and the 2010/2011 Guidelines and Requirements, including demonstrating that these payments are current prior to the release of the Dedicated Gas Tax Funds;
NOW THEREFORE the Council of the Regional Corporation enacts as follows:
That the Regional Chair and the Chief Financial Officer are authorized to execute the Dedicated Gas Tax Funds for Public Transportation Program Letter of Agreement as substantially in the form set out in Schedule A attached hereto.
READ THREE TIMES AND PASSED IN OPEN COUNCIL this 7th day of July, 2011.
Schedule A to By-law 85-2011 (pdf)