HomeMy WebLinkAboutBy-law 6028/02THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6028/02
Being a by-law to provide for the establishment of a
Reserve Fund to be known as the Ontario Transit
Renewal Reserve Fund.
WHEREAS under the Municipal Act, R.S.O., 1990 as amended, Section 163(2)
and 252, 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 City of Pickering passed By-Law 5873/01 to execute the transit
system merger agreement between the Corporation of the Town of Ajax and the
Corporation of the City of Pickering that established the Ajax Pickering Transit
Authority.
WHEREAS it is desirable for the City of Pickering to establish such a reserve
fund for the purpose of receiving funding from the Ontario Transit Renewal Fund
and for the paying of transit related expenses as defined in the Ontario Transit
Renewal Agreement.
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 Ontario Transit
Renewal Reserve Fund is hereby authorized.
The Ontario Transit Renewal Reserve Fund shall consist of such moneys
paid by the Province for the specific purpose of transit fleet renewal
together with the investments made and earnings derived there from.
The Ontario Transit Renewal Reserve Fund shall be used for the purpose
of paying expenses related to transit renewal as defined under the Ontario
Transit Renewal Agreement.
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 ?
October ,2002.
day of