64 (1) Every municipality that has entered into an agreement with the Crown under section 63 before the 1st day of April, 1974 shall pay to the Agency the following sums or, where such agreement is with more than one municipality, or where the project requires more than one agreement at least one of which is with a municipality, its share as adjusted by the Agency, of the following sums: 1.  In each calendar year during the currency of such agreement, commencing with the calendar year in which occurs the date of completion of such project, i.  the proportion payable by the municipality or municipalities party or parties to the project, as adjusted by the Agency, of the total amount of interest and expenses of debt service that would be payable by the Commission in each such year if the Commission were not dissolved in respect of all borrowings of the Commission from time to time outstanding and made by the Commission at any time before or after the making of such agreement for the purpose of meeting, A.  the cost or estimated cost of all projects, except projects under agreements referred to in subsection (2), or B.  the cost or estimated cost of all projects referred to in subsection (2), at any time theretofore or thereafter acquired, provided or constructed or in course of acquisition, provision or construction by the Commission pursuant to any agreement or agreements, or for any other purpose of the Commission respecting such projects, including the refunding or repayment in whole or in part of any such borrowings, ii.  the total cost to the Agency in each such year of the operation, supervision, maintenance, repair, administration and insurance of such project, and iii.  the total amount in each such year placed by the Agency to the credit of the reserve account referred to in subsection 68 (1) in respect of such project or an amount equal to 1½ per cent of the cost of such project, whichever is less, and such additional amount as may be approved by the municipality or municipalities. 2.  In each calendar year for such period of years as may be prescribed by such agreement, commencing not later than the fifth calendar year next following the date of completion of such project, such sum as would be necessary with interest compounded annually thereon at such rate as is prescribed by regulation to form at the expiry of such period of years a fund equal to the cost of such project.  R.S.O. 1990, c. O.40, s. 64 (1); 1993, c. 23, s. 73 (21). Interest and expenses of debt service (2) In respect of agreements under section 63 entered into after the 31st day of December, 1965 and before the 1st day of April, 1974, the interest and expenses of debt service that would be payable by the Commission referred to in subparagraph 1 i of subsection (1) shall, in each year during the currency of the agreement, be the amount calculated by applying the average rate of such interest and expenses as would have been payable to the Minister of Finance in respect of the project.  R.S.O. 1990, c. O.40, s. 64 (2); 2001, c. 9, Sched. G, s. 6 (29). Annual adjustment of payments (3) The Agency shall annually adjust and apportion among the respective municipalities the sums payable to the Agency by such municipalities under subsection (1).  R.S.O. 1990, c. O.40, s. 64 (3); 1993, c. 23, s. 73 (21). Settlement of disputes (4) In the event of any dispute arising as to the adjustment or apportionment of any sums payable to the Agency by the respective municipalities under subsection (1), such dispute shall be referred to a sole arbitrator to be appointed by the Lieutenant Governor in Council, and the award of the arbitrator is final and binding on the Agency and the municipality or municipalities concerned.  R.S.O. 1990, c. O.40, s. 64 (4); 1993, c. 23, s. 73 (21). Costs (5) The services of the arbitrator shall be paid in such amount as may be directed by the Lieutenant Governor in Council and the whole costs of such arbitration shall be paid as directed by the arbitrator in the award.  R.S.O. 1990, c. O.40, s. 64 (5). Procedure (6) Except as otherwise provided in this section, the Municipal Arbitrations Act applies to any arbitration under subsection (4).  R.S.O. 1990, c. O.40, s. 64 (6). Section Amendments with date in force (d/m/y) 1993, c. 23, s. 73 (21) - 15/11/1993 2001, c. 9, Sched. G, s. 6 (29) - 29/06/2001