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HomeMy WebLinkAboutBy-law 5681/00THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 5681/00 Being a by-law to provide for the establishment of a Reserve Fund to be known as the City of Picketing Millennium Trail Reserve Fund. WHEREAS under The Municipal Act, R.S.O., 1990 as amended, the Council of the City of Picketing may establish and maintain a reserve fund for any purpose for which it has authority to expend funds. WHEREAS it is desirable to establish a reserve fund for the purpose of funding Picketing capital projects. WHEREAS the Council of the City of Picketing has approved the construction of the Millennium Trail. WHEREAS the Council of the City of Picketing has approved funding that includes public fund raising. WHEREAS the Board of Directors of the West Rouge Canoe Club has indicated its desire to participate in such public funding through the sale of boards for the Boardwalk as a fundraising means for the City and itself. AND WHEREAS a Notice of Motion in this regard was put forth at the Council meeting of April 17, 2000 indicating that the first $100,000 so raised and half of everything raised thereafter will be forwarded to the City to be used to finance the purchase of the boards, the engraving thereone and towards the construction of the boardwalk. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF PICKERING HEREBY ENACTS AS FOLLOWS: o The establishment of a reserve fund known as the City of Picketing Millennium Trail Reserve Fund is herby authorized. The Millennium Trail Reserve Fund shall consist of such moneys as may be provided by West Rouge Canoe Club therefor from time to time together with the investments made and earnings derived therefrom. The Millennium Trail Reserve Fund shall be used for the purpose of acquiring, engraving and installing boards in the Boardwalk as approved by Council from time to time. This by-law shall come into force on the date of its enactment. BY-LAW read a first, second and third time and finally passed this 15th day of May, 2000. Wayne Arthurs, Mayor Bruce Taylor, Clerk