HomeMy WebLinkAboutBy-law 7397/14 The Corporation of the City of Pickering
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By-law No.7397/14
Being a by-law to provide for the establishment of a Reserve
Fund to be known as the Ontario Community Infrastructure
Fund (OCIF) - Formula-Based Component Reserve Fund
Whereas under the Municipal Act, S.O., 2001 as amended, Section 417(1), the Council
of the City of Pickering may establish and maintain a reserve fund for any'purpose for
which it has authority to expend funds.
Whereas the Council of the City of Pickering approved Report to Council FIN 26-14
authorizing the City to execute the Ontario Community Infrastructure Fund - Formula-
Based contribution agreement.
Whereas the execution of the OCIF-Formula-Based Contribution Agreement will now
provide the City of Pickering with provincial funds to be used for eligible projects as
outlined in the agreement.
Whereas it is desirable for the City of Pickering to establish a reserve fund for the
purpose of administering this newly approved Ontario Community Infrastructure Fund-
Formula-Based Funding Contribution Agreement.
Now therefore the Council of the Corporation of the City of Pickering hereby enacts as
follows:
1. The establishment of a Reserve Fund known as the Ontario Community
Infrastructure Fund (OCIF) Formula-Based Reserve Fund is hereby authorized.
2. The Ontario Community Infrastructure Fund (OCIF) shall consist of such monies
paid by the Provincial Government or its agencies for the purpose of meeting the
requirements of the program as described in the Ontario community
Infrastructure Fund - Formula-Based Contribution Agreement.
3. The Treasurer may draw funds from this reserve fund for eligible projects as
outlined in the Contribution Agreement.
4. Interest earned on the investment of fund balances shall form part of this reserve
fund.
5. This By-law shall come into force on the date of its enactment.
By-law passed this 15th day of December, 2014.
David Ryan, -
Debbie Shields, City Clerk
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