WHEREAS in April 2001 The Regional Municipality of Peel (the "Region") entered into the Public Sector Network (PSN) Agreement (the "Agreement") with the City of Brampton, the City of Mississauga and the Town Of Caledon;

AND WHEREAS the Region collects fees and pays expenses on behalf of the PSN;

AND WHEREAS this collection of fees and payment of expenses can produce an annual operating surplus that should be segregated from the Region's general operating surplus;

AND WHEREAS the net proceeds of the PSN operations are subject to the provisions of the Agreement as administered by the PSN Steering Committee;

AND WHEREAS Council by resolution passed on March 9, 2006 approved the establishment of a reserve fund for the retention of any surplus funds generated by the collection of fees and payment of expenses on behalf of the PSN;

AND WHEREAS it is deemed desirable to establish a reserve fund for the purpose of the retention of any surplus PSN funds;

NOW THEREFORE the Council of the Regional Municipality of Peel enacts as follows:

1. That a dedicated Public Sector Network reserve fund account (R0030) be established into which all annual PSN operating surpluses administered by the Region shall be deposited and used for eligible expenditures as directed by resolution of the PSN Steering Committee.
   
   
2. That the PSN Reserve Fund shall be managed and maintained by the Commissioner of Finance who shall prepare annual estimates of the Revenues and Expenditures of the fund and shall report annually to Council on the balance of the fund, and shall be authorized to invest such funds in accordance with resolution of PSN Steering Committee.
   

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 6^th day of July, 2006.