THE REGIONAL MUNICIPALITY OF PEEL |
BY-LAW NUMBER 59-2006 |
A by-law
to authorize the Regional Chair and the Treasurer and Commissioner of
Finance 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 2006/2007.
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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 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 $646,661 from October 2006 to September 2007 under the program for the TransHelp service;
AND WHEREAS the Regional Municipality of Peel will receive payment on a quarterly basis with the initial payment of $161,665 payable on receipt of the executed Letter of Agreement and supporting by-law;
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 2006/2007
Guidelines and Requirements, including the requirement to provide one-third
of capital expansion costs for GO Transit expansion and demonstrating that these
payments are current prior to the release of the Dedicated Gas Tax Funds;
NOW THEREFORE be it resolved that, the Council of the Regional Municipality of Peel hereby authorizes the Regional Chair and the Treasurer and Commissioner of Finance to execute the Dedicated Gas Tax Funds for Public Transportation Program Letter of Agreement as in Schedule A attached hereto.
READ THREE TIMES AND PASSED IN OPEN COUNCIL this 14th day of December, 2006.
C.
Gravlev ________________________ Regional Clerk |
E.
Kolb ______________________ Regional Chair |