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HomeMy WebLinkAboutBy-law 6822/07 THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6822/07 ~ Being a By-law to provide for the establishment of a Reserve Fund to be known as the Pickering Men's Slow Pitch League 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 Report OES 43-07 entering into a Memorandum of Understanding (MOU) to receive donations, for safekeeping of donated funds and further application of funds towards a major softball facility prior to July 1, 2017. WHEREAS the MOU provides for funds to be donated to the City to be used towards the above-mentioned facility or may be used towards the cost of a community facility subject to the approval by the League on or after July 1,2017. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF PICKERING HEREBY ENACTS AS FOLLOWS: '- 1. The establishment of a reserve fund known as the Pickering Men's Slow Pitch League Reserve Fund is hereby authorized. 2. The purpose of this reserve fund is to place all donations received from the Pickering Men's Slow Pitch League in this account and to use these funds towards the men's softball facility within the City limits prior to July 1, 2017 as provided for in the MOU. 3. On or after July 1, 2017, the funds shall remain with the City to be used for the above-mentioned facility or may be used towards the cost of a community facility subject to the approval of the League. 4. Interest earned on the investment of fund balances shall form part of this reserve fund. BY-LAW read a first, second and third time and finally passed this 1 ih day of December, 2007. -