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
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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
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