flash.util:Timer not found?

Are you seeing this error?

Error: Definition flash.util:Timer could not be found.

Adobe renamed flash.util to flash.utils upon releasing the third beta of ActionScript 3 and it's been that way ever since. Unfortunately a lot of works like ActionScript 3 Cookbook were written prior to this and their Timer samples tend to break. I was surprised to have such trouble finding the solution, so I decided to write it here.