Act
Amendments to the Toronto Atmospheric Fund Act, 2005
Regulation Number(s):
Toronto Atmospheric Fund Act, 2005
Instrument Type:
Act
Bill or Act:
Toronto Atmospheric Fund Act, 2005
Summary of Proposal:
The Ministry of Municipal Affairs and Housing proposes to repeal the following subsections of the Toronto Atmospheric Fund Act, 2005:
-Subsection 11(8): For the purpose of calculating its debt and financial obligation limits under section 401 of the Municipal Act, 2001, the City shall be deemed to have incurred as a long-term debt any financial commitment, liability or contractual obligation of the Fund in respect of which the Fund is required to make payments after the expiry of the term for which the City council was elected.
-Subsection 11(9): The Fund shall not undertake a financial commitment, liability or obligation described in subsection (8) without the prior authorization of the City council.
The changes are intended to:
-align requirements related to the calculation of the City of Toronto's debt limit with current requirements for the City under the City of Toronto Act, and
-streamline The Atmospheric Fund's (TAF's) reporting relationship with Toronto council by removing a requirement for TAF to obtain council approval for liabilities where TAF is required to make payments after the expiry of the term of council.
-Subsection 11(8): For the purpose of calculating its debt and financial obligation limits under section 401 of the Municipal Act, 2001, the City shall be deemed to have incurred as a long-term debt any financial commitment, liability or contractual obligation of the Fund in respect of which the Fund is required to make payments after the expiry of the term for which the City council was elected.
-Subsection 11(9): The Fund shall not undertake a financial commitment, liability or obligation described in subsection (8) without the prior authorization of the City council.
The changes are intended to:
-align requirements related to the calculation of the City of Toronto's debt limit with current requirements for the City under the City of Toronto Act, and
-streamline The Atmospheric Fund's (TAF's) reporting relationship with Toronto council by removing a requirement for TAF to obtain council approval for liabilities where TAF is required to make payments after the expiry of the term of council.
Analysis of Regulatory Impact:
-The proposed removal of subsection 11(8) is housekeeping in nature, and the repeal of subsection 11(9) would have no direct compliance costs or administrative costs.
-The proposed legislative changes would allow TAF to more easily deliver its mandate to invest in projects that reduce air pollution and greenhouse gas emissions in the Greater Toronto and Hamilton Area by aligning requirements to reflect current legislation and streamlining processes.
-The proposed legislative changes would allow TAF to more easily deliver its mandate to invest in projects that reduce air pollution and greenhouse gas emissions in the Greater Toronto and Hamilton Area by aligning requirements to reflect current legislation and streamlining processes.
Further Information:
Proposal Number:
21-MMAH022
Posting Date:
October 7, 2021
Comments Due Date:
November 21, 2021
Contact Address:
Municipal Affairs and Housing
13th Flr, 777 Bay St.
Toronto, ON M7A 2J3
13th Flr, 777 Bay St.
Toronto, ON M7A 2J3