HomeMy WebLinkAboutBy-law 7373/14 The Corporation of the City of Pickering
By-law No.7373/14
Being a by-law to provide for the establishment of a Reserve
Fund to be known as the Roads and Bridges 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 forr 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 investing in its roads and bridges infrastructure.
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 Roads and Bridges Reserve
Fund is hereby authorized.
2. The purpose of this fund is to provide funds for major repairs, rehabilitation,
reconstruction or replacement of the City's roads and bridges, including culverts.
3. The initial source of funds will be a transfer from the Public Works Reserve Fund
in the amount of$755,225.42. Future sources of funds will be, as identified by the
Treasurer or as approved by Council including but not limited to the annual budget
or any other source;
4. The Treasurer may draw funds from this reserve fund for major repairs,
rehabilitation, reconstruction or replacement of roads and bridges, including
culverts,
5. The Treasurer has the discretion to draw from this fund when project
expenditures exceeds the budget.
6. Interest earned on the investment of fund balances shall form part of this reserve
fund.
7. This By-law shall come into force on the date of its enactment.
By-law passed this 14th day of July, 2014.
David R , a r
D .
Debbie Shields, City Clerk