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HomeMy WebLinkAboutBy-law 5924/01THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 5924/01 Being a by-law to provide for the establishment of a Reserve Fund to be known as the Workers' Compensation Reserve Fund. WHEREAS under The Municipal Act, R.S.O., 1990 as amended, Section 163 (2) and 252, 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 under the Workplace Safety and Insurance Act, 1997, Part VIII, S. 97, the Workplace Safety Insurance Board (WSIB) shall establish and maintain one or more reserve funds to pay benefits in future years in respect of claims for accidents that happen in a year. WHEREAS it is desirable for the City of Picketing to establish such a reserve fund for the purpose of paying for the initial costs of transferring from Schedule 1 to 2, to meet annual costs of insurance coverage, to access funds in the event of a claim, and to fund health and safety programs and other costs. WHEREAS the Council of the City of Picketing has approved the transfer of Workplace Safety & Insurance Board coverage from Schedule 1 to 2. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF PICKERING HEREBY ENACTS AS FOLLOWS: The establishment of a reserve fund known as the Workers' Compensation Reserve Fund is hereby authorized. The Workers' Compensation Reserve Fund shall consist of such annual savings as a result of the transfer from Schedule 1 to 2 in 2001, 2002 and 2003 and from time to time as the Council may approve together with the investments made and earnings derived there from. The Workers Compensation Reserve Fund shall be used for the purpose of paying for the initial costs of transferring from Schedule 1 to 2, the annual costs of insurance coverage, contributions towards the expanded health and safety program, and the payment of claims and other related costs. 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 3rd day of December, 2001. Wayne Arthurs, Mayor ZBmce Taylor, Clerk