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HomeMy WebLinkAboutBy-law 4492/73THE CORPORATION OF THE TOWNSHIP OF PICKERING BY-LAW NUMBER At-*q:Z17 Being a By-law to establish a Reserve Fund, WHEREAS R.S.O. 1970, c. 284 s. 308 (1) authorizes every Municipality or any of its local boards each year to provide in the estimates for the establishment or maintenance of a Reserve Fund, THEREFORE the Council of the Corporation of the Township of Pickering ENACTS AS FOLLOWS: 1. THAT a Reserve Fund be established and maintained to set aside monies received from the expropriation of properties by the Federal Government and that these funds be used for capital expenditures for recreation and community services in dommW the Town of Pickering, 2. THAT the monies so provided in each year shall be deposited in a special Bank Account designated "Reserve Fund - Capital Q Expenditures - Recreation and Community Services" on or before (? r ?,. 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 form part of the ' Reserve Fund, 3. THAT the money raised for the said Reserve Fund shall not be expended, pledged or applied for any purpose other than that for which the fun d was established without the approval of the Ministry of Inter-Governmental Affairs. 4, THAT the Auditor in his annual report shall report on the activities and position of the said Reserve Fund. S. THAT this by-law shall come into force and take effect upon the date of the final passing thereof, subject to its having received the assent of at least two-thirds of Council. BY-LAW read a First, Second and Third time and PASSED this Z day of /?,?tky ,