HomeMy WebLinkAboutBy-law 7543/17 The Corporation of the City of Pickering
By-law No. 7543/17
Being a by-law to provide for the establishment of a Reserve
Fund to be known as the Seaton Infrastructure 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 it is desirable for the City of Pickering to establish such a reserve fund for the
purpose of investing in physical capital for Seaton.
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 Seaton Infrastructure Reserve
Fund is hereby authorized.
2. The purpose of this fund is to provide funds for infrastructure for those capital
projects located in Seaton.
3. The Treasurer has the discretion to draw from this fund when project expenditures
exceeds the budget.
4. The Treasurer may draw funds from this reserve fund for physical assets located
in Seaton and to fund the corresponding City share of development charges.
5. The Treasurer has the discretion to draw from this fund when project expenditures
exceeds the budget.
6. Interest earned on the investment of fund balances shall form part of this reserve
fund.
7. This By-law shall come into force on,the date of its enactment.
By-law passed this 27th day of February, 2017.
David Ryan-, olay•,.. �
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Lisa Hark HaYeill Deputy`Clerk
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