On March 27th, 2008, the governments of Canada and Ontario announced a commitment to initiate a joint study for a Peterborough commuter rail line, as part of the Government of Canada's Budget 2008 Public Transit Capital Trust. The Parties will jointly develop and agree to the terms of reference, and further agree to make best efforts to complete the study within one year.
Canada and Ontario agree to review the findings and conclusions of this study. The identified project will be jointly funded by Canada and Ontario, with Canada and Ontario equally sharing in all eligible capital costs, net of funding from municipal or private sector contributions, up to a maximum of $150 million each, subject to the successful completion of a federal and provincial due diligence review of the project, securing any funding approvals that may be required respectively by the federal and provincial Treasury Boards, all applicable environmental assessments, and the signing of a contribution agreement that will detail the project elements, schedule, capital and operating costs, and funding parameters, to the mutual satisfaction of Canada and Ontario. Ontario, at its sole and exclusive discretion, will decide if GO Transit will be the operator of any service on this line.