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HomeMy WebLinkAboutBy-law C-9/1980 - By-law to amend Municipal Code • • • I ' • THE CORPORATION OF THE TOWN OF PICKERING • • BY-LAW NO. C-9 • Being a By-Law to amend the Town of Pickering Municipal Code to establish a reserve fund for the Financing of a Capital Works Program • WHEREAS, pursuant to the provisions of section 308(1) of The Municipal Act, R.S.O. 1970, c.284, the Council of the Corporation of the Town of Pickering enacted By-Law 495/76 on October 18th, 1976 to establish a Reserve Fund for Lot Development•Fees collected; and - WHEREAS, pursuant to the provisions of section 242a of the said Act, the Council enacted By-Law C-1 on November 19th, 1979 to establish the Town of Pickering Municipal Code, • section 2310.2 of which incorporates within that Code the provisions of By-Law 495/76; and • WHEREAS, it is deemed desirable to establish a Reserve Fund for the Financing of a Capital Works Program . using, in part, all funds presently set aside in the Reserve Fund for Lot Development Fees Collected and all future lot development fees to be collected; • NOW THEREFORE, the Council of the Corporation of the Town of Pickering HEREBY ENACTS AS FOLLOWS: 1. The Town -of Pickering Municipal Code is hereby amended by adding thereto the following sec- tion: 2310.4 Reserve Fund for the Financing . of a Capital, Works Program 2310.4.1 That a reserve fund be established and maintained to provide for the financing of a capital works prog ram by: (a) setting aside, (i) all lot levy fees col lected from developers, and (ii) an annual contribution from the General Fund, being the dollar amount equivalent to one mill on the weighted tax- able assessment upon-which the year's rates of taxation - are set; and • (b) transferring to the said fund all TOWN O monies on the special bank account PI KERN i_, designated "Reserve Fund - Lot Development Fees", as of the date APPROVE of passage hereof, • AS TO FlR11 all of which monies are to be used: • 4 . 2 - . , (c) first, to make annual contributions - to the General Fund to pay the annual municipal debt-charges on . capital works, ordinarily paid from . funds collected by the general mill rate, and . (d) then, to make contributions to ithe Capital Fund for Capital Works, when such financing is required, • • in amounts that are estimated to be in .excess of the annual municipal -debt charge requirements. 2310.4:2 That the monies so provided in each year shall be deposited in a special -bank account designated "Reserve Fund - Capital Works Program" on or before December 31st in that year and may be invested in such securities as a -Trustee may invest under The Trustees Act, and the earnings derived • from the investment...of such monies shall i form part of the Reserve Fund. 2310.4.3 That the Background .Study and Forecast on the operation of this fund be updated at . least every five years. • 2310.4.4 That the Auditor in°his.annual report shall report on the activities and • position of the said Reserve Fund. - 2. The Town Treasurer is hereby authorized and directed to close, on the date immediately following the date of passage hereof, the special bank account desig- nated "Reserve Fund - Lot Development Fees". 1 3: Section 2310.2 of The -Town of Pickering Municipal Code is hereby revoked. BY-LAW read a first, second and third time and finally passed this - 7th day of July , .1980. I ' ° ( ) ,or { erk . . I ,