Payments to GT Transit for capital requirements
68.(1) This section applies with respect to a by-law of the Board under clause 63 (1) (d) directing one or more participating municipalities to pay money to GT Transit in respect of its capital requirements. 1998, c. 23, s. 68 (1). When by-law must be passed (2) The Board shall not pass a by-law under clause 63 (1) (d) in a year after March 1. 1998, c. 23, s. 68 (2). What by-law must set out (3) A by-law under clause 63 (1) (d) shall set out the participating municipalities that are directed to pay money to GT Transit, the total amount they are directed to pay, the proportion of the total amount that is apportioned to each municipality and the date by which each municipality is directed to pay the amount apportioned to it. 1998, c. 23, s. 68 (3). Amount directed is a debt (4) An amount a participating municipality is directed to pay to GT Transit is a debt of the municipality to GT Transit and the treasurer of the municipality shall pay the amount as provided in the by-law. 1998, c. 23, s. 68 (4). Default (5) If a municipality fails to make any payment, or portion of it, as provided in the by-law, the municipality shall pay to GT Transit interest on the amount in default at the rate of 15 per cent per year, or such lower rate as the Board may by by-law determine, from the date payment is due until it is made. 1998, c. 23, s. 68 (5). Repayment by GT Transit (6) If GT Transit’s revenues, estimated under paragraph 3 of subsection 65 (1), exceed the sum of the costs estimated under paragraph 1 of subsection 65 (1) and any amount GT Transit is required to pay under subsection 67 (4), the Board shall, by by-law, require GT Transit to pay an amount equal to that excess to the participating municipalities to reimburse them for money paid to GT Transit as directed under a by-law under clause 63 (1) (d) or, if the excess exceeds the amount of money paid to GT Transit and not already reimbursed, an amount equal to the amount of money not already reimbursed. 1998, c. 23, s. 68 (6). Adjustments (7) The amount the Board requires GT Transit to pay under subsection (6) for a year shall be adjusted to reflect any discrepancies between the costs and revenues estimated under paragraphs 1 and 3 of subsection 65 (1) for the previous year and the actual costs and revenues for that previous year. 1998, c. 23, s. 68 (7). Apportionment (8) A by-law passed under subsection (6) shall direct that the payments required to be made to municipalities under the by-law be apportioned to the municipalities in proportion to the money paid to GT Transit by the municipalities as directed under a by-law under clause 63 (1) (d) and not already reimbursed. 1998, c. 23, s. 68 (8). Schedule of payments (9) The Board may, in a by-law under subsection (6), require the amount GT Transit must pay to be paid in four instalments due on or before March 31, June 30, September 30 and December 15; each instalment shall be equal to 25 per cent of the amount GT Transit must pay except that any adjustments under subsection (7) shall be reflected in the first instalment. 1998, c. 23, s. 68 (9). Amount to be paid is a debt (10) An amount GT Transit is required to pay under a by-law under subsection (6) to a municipality is a debt of GT Transit to the municipality and GT Transit shall pay the amount as provided in the by-law. 1998, c. 23, s. 68 (10). Default (11) If GT Transit fails to make any payment, or portion of it, to a municipality as provided in the by-law under subsection (6), GT Transit shall pay to the municipality interest on the amount in default at the rate of 15 per cent per year, or such lower rate as the Board may by by-law determine, from the date payment is due until it is made. 1998, c. 23, s. 68 (11). Authority to borrow (12) A participating municipality that is directed to pay money under a by-law under clause 63 (1) (d) has the same power to borrow the money that it would have if the money were for the purposes of the municipality. 1998, c. 23, s. 68 (12).