HomeMy WebLinkAboutBy-law 6609/05THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6609~05
Being a By-law to provide for the establishment of a
Reserve Fund to be known as the Federal Gas Tax
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 the Council of the City of Pickering approved Council Report CS 92-
05 authorizing the City to execute the Municipal Funding Agreement for the
Transfer of Federal Gas Tax Revenues Under the New Deal for Cities and
Communities.
WHEREAS the execution of the Municipal Funding Agreement will now provide
the City of Pickering Federal gas tax funds to be used for eligible projects as
outlined in the agreement.
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 Federal Gas Tax
Reserve Fund is hereby authorized.
The Federal Gas Tax Reserve Fund shall consist of such moneys paid by
the Federal Government or through the Association of Municipalities of
Ontario for the purpose of meeting the requirements of the programs as
described in the Municipal Funding Agreement for the Transfer of Federal
Gas Tax Revenues under the New Deal for Cities and Communities
together with investments made and earnings derived there from.
3. 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 19th day of
December, 2005.
Debi Bently, Clerk