GT Transit levy, cost of Board borrowing
67.(1) On or before March 1 in each year in which the Board is required to pay costs described in paragraph 2 of subsection 65 (1), the Board shall levy, by by-law, against one or more participating municipalities an amount equal to the costs estimated under paragraph 2 of subsection 65 (1) minus any amount the Board requires GT Transit to pay the Board for the year under subsection (4). 1998, c. 23, s. 67 (1). Adjustments (2) The amount levied under subsection (1) for a year shall be adjusted to reflect any discrepancies between the costs estimated under paragraph 2 of subsection 65 (1) for the previous year and the actual costs for that previous year. 1998, c. 23, s. 67 (2). Apportionment of levy (3) For the purposes of a levy under subsection (1), the Board shall determine, in a by-law under clause 63 (1) (b), (a) the participating municipalities that are to be subject to the levy under subsection (1); and (b) the proportion of the amount levied under subsection (1) that is to be apportioned to each of the municipalities that are to be subject to the levy. 1998, c. 23, s. 67 (3). Contribution from GT Transit (4) If, in the year in which the Board is required to pay costs described in paragraph 2 of subsection 65 (1), GT Transit’s revenues, estimated under paragraph 3 of subsection 65 (1), exceed GT Transit’s costs, estimated under paragraph 1 of subsection 65 (1), the Board shall, by by-law, require GT Transit to pay the Board an amount equal to that excess or, if the excess exceeds the costs the Board is required to pay, an amount equal to those costs. 1998, c. 23, s. 67 (4). Adjustments (5) The amount the Board requires GT Transit to pay under subsection (4) 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. 67 (5). Schedule of payments (6) The Board may, in a by-law under subsection (4), 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 (5) shall be reflected in the first instalment. 1998, c. 23, s. 67 (6). Amount levied is a debt (7) An amount GT Transit is required to pay under a by-law under subsection (4) is a debt of GT Transit to the Board and GT Transit shall pay the amount at the times and in the instalments specified in the by-law. 1998, c. 23, s. 67 (7). Default (8) If GT Transit fails to make any payment, or portion of it, as provided in the by-law, GT Transit shall pay to the Board 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. 67 (8). Final adjustments (9) If in a year the Board is no longer required to pay costs described in paragraph 2 of subsection 65 (1), it may make a levy under subsection (1) and may require GT Transit to pay an amount under subsection (4) but only with respect to adjustments described in subsections (2) and (5) for the previous year. 1998, c. 23, s. 67 (9).