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HomeMy WebLinkAboutBy-law 494/76THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NUMBER 1 -j "] E, 17- ? Being a by-law to establish and maintain a Reserve Fund for the Public Works portion of lot levy fees collected on severances WHEREAS pursuant to the provisions of section 308(1) of The Municipal Act, R.S.O. 1970, c.284, every municipality may provide for the establishment or maintenance of a Reserve Fund for any purpose for which it has authority to spend funds; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF PICKERING HEREBY ENACTS AS FOLLOWS: 1. That a Reserve Fund be established and maintained to set aside the "Public Works" portion of the lot levy fees collected on severances created by the Land Division Committee and to use these funds to cover all or part of the cost of providing public works services within the Communities, Neighbourhoods and Hamlets in which the severances were created and the fees collected. 2. That the Communities, Neighbourhoods and Hamlets be identified as follows and more precisely defined in section 7 of the Pickering District Plan adopted by Council on February 17, 1975 by By-law No. 178/75: (1) Brock Industrial Community (2a) Fairport Community - Bay Ridges (2b) Fairport Community - West Shore (2c) Fairport Community - Rosebank (3) Liverpool Community (4) Dunbarton Community (5) Woodlands Community (6) Highbush Community (7) Cedarwood - 2 - (8) Pickering Airport (9a) Greenwood Hamlet (9b) Claremont Hamlet (10) Rural Area 3. That proper accounting records be maintained at all times to identify the amounts in the Reserve Fund that are due to each Community, Neighbourhood or Hamlet. 4. That the monies so provided in each year shall be deposited in a Special Bank Account designated "Reserve Fund - Public works Services" on or before December 31st in that year and may be invested in such securities as a Trustee may invest under The Trustees Act, and the earnings derived from the investment of such monies shall form part of the Reserve Fund and be apportioned fairly. 5. That the money raised for the said Reserve Fund shall not be expended, pledged or applied for any purpose other than that for which the fund was established without a two-thirds vote of the Members of the Council. 6. That the Auditor in his annual report shall report on the activities and position of the said Reserve Fund. 7. That this by-law shall come into force and take effect upon the date of the final passing thereof, subject to its having received the assent of at least two-thirds of Council. By-law read a first, second and third time and PASSED this r dLi??1,1L1? day of !lALUit , 1976. Mayor Clerk