HomeMy WebLinkAboutBy-law 7608/18 The Corporation of the City of Pickering
By-law No. 7608/18
Being a by-law to provide for the establishment of a Reserve
Fund to be known as the Seaton Financial Impact
Agreement 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; and
Whereas it is desirable for the City of Pickering to establish such a reserve fund for the
purpose of collecting the voluntary financial contributions paid by the Seaton
Landowners as per the Financial Impacts Agreement and investing in capital projects
related to Seaton.
Now therefore the Council of the Corporation of the City of Pickering hereby enacts as
follows:
1. That the establishment of a reserve fund known as the Seaton Financial Impact
Agreement Reserve Fund is hereby authorized.
2. That the purpose of this fund is to collect the voluntary financial obligations paid by
the Seaton landowners as per the Financial Impacts Agreement and to provide
funds for those capital projects related to Seaton.
3. That the Treasurer has the discretion to draw from this fund when project
expenditures exceeds the budget.
4. That the Treasurer may draw funds from this reserve fund for physical assets and
to fund the corresponding City share of development charges.
5. That the Treasurer has the discretion to draw from this fund when project
expenditures exceeds the budget.
6. That the Interest earned on the investment of fund balances shall form part of this
reserve fund.
By-law passed this 26th day of February, 2018.
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David Ryare.1 .. . ."' ;
Renee Michaud.(Acting) Deputy Clerk