Loading...
HomeMy WebLinkAboutBy-law 6105/03THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6105 /03 Being a by-law to provide for the establishment of a Reserve Fund to be known as the Third Party/Developer's Contributions 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 receiving funding from developers for the payment of future capital commitments on behalf of developers. WHEREAS it is desirable for the City of Pickering to establish such a reserve fund for the purpose of receiving funding from any third parties for contributions towards future capital projects or undertaking that may be considered and approved by Council. 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 Third Party/Developer's Contributions Reserve Fund is hereby authorized. The Third Party/Developer's Contributions Reserve Fund shall consist of such moneys paid by developers and third parties and such other funds as the Council may approve together with the investments made and earnings derived there from for the specific purpose of fulfilling future capital commitments. The Third Party/Developer's Contributions Reserve Fund shall be used for the purpose of paying expenses related to capital projects as defined under agreements or such other projects as the Council of the City of Pickering may approve. 4. 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 the 3rd day of March, 2003. rt~87'sl Mav~gr ' Bruce Taylor, ~erk _ '.