65 (1) The council of a municipality that has entered into or proposes to enter into an agreement under section 63 may by by-law provide for imposing upon owners or occupants of land who derive, or will or may derive, a benefit from the project a sewer rate or water works rate, as the case may be, sufficient to pay the whole or such portion as the by-law may specify of the annual payments to the Agency required to be made, (a)  where the agreement is or has been entered into before the 1st day of April, 1974, under subparagraph 1 i and paragraph 2 of subsection 64 (1); or (b)  where the agreement is entered into on or after the 1st day of April, 1974, under the agreement for the cost of the project, and, with the like approval, such by-law may from time to time be amended or repealed.  R.S.O. 1990, c. O.40, s. 65 (1); 1993, c. 23, s. 73 (22). Commutation of rates (2) Where a by-law under subsection (1) imposes a sewer rate or water works rate upon owners or occupants of land, the council of the municipality may provide for commutation for a payment in cash of the whole or any part of the rate imposed and may prescribe the terms and conditions thereof.  R.S.O. 1990, c. O.40, s. 65 (2). Sewage service rate and water service rate (3) The council of a municipality that has entered into or proposes to enter into an agreement under section 63 may by by-law provide for imposing upon owners or occupants of land from which sewage is received, treated or disposed of or to which water is supplied through or by the project a sewage service rate or water service rate, as the case may be, sufficient to pay the whole or such portion as the by-law may specify of the annual payments to the Agency required to be made, (a)  where the agreement is or has been entered into before the 1st day of April, 1974, under subparagraphs 1 ii and iii of subsection 64 (1); or (b)  where the agreement is entered into on or after the 1st day of April, 1974, under the agreement for, (i)  the total cost to the Agency in each year of the operation, supervision, maintenance, repair, administration and insurance of the project, and (ii)  the total amount in each year placed by the Agency to the credit of any reserve account established under the agreement for the project.  R.S.O. 1990, c. O.40, s. 65 (3); 1993, c. 23, s. 73 (23-25). Application (4) Subject to this section, Part XII of the Municipal Act, 2001 or Part IX of the City of Toronto Act, 2006, as the case may be, and the regulations under those Parts apply with necessary modifications to sewer rates and sewage service rates imposed under this section.  2006, c. 32, Sched. C, s. 45 (3). Same (5) Every water works rate or water service rate imposed under this section shall, in so far as is practicable and subject to this section, be imposed in the same manner and with and subject to the same provisions as apply to fees or charges imposed under the Municipal Act, 2001 or the City of Toronto Act, 2006, as the case may be, in respect of water works and those Acts and the regulations under those Acts apply with necessary modifications to the imposition of such rates.  2006, c. 32, Sched. C, s. 45 (4). Section Amendments with date in force (d/m/y) 1993, c. 23, s. 73 (22-25) - 15/11/1993 2002, c. 17, Sched. F, Table - 01/01/2003 2006, c. 32, Sched. C, s. 45 (3, 4) - 01/01/2007