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HomeMy WebLinkAboutBy-law 181/75THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NUMBER Being a By-law to establish a Reserve Fund. WHEREAS R.S.O. 1970, c. 284 s. 308 (1) authorizes every Municipality or any of its local boards each year to provide in the estimates for the establishment or maintenance of a Reserve Fund; THEREFORE the Council of the Corporation of the Town of Pickering ENACTS AS FOLLOWS: 1. That a Reserve Fund be established and maintained to set aside all lot development fees collected and to use these funds to cover the annual municipal debt charges ordinarily collected by a general mill rate with the exception of the first $100,000.00 in each year. 2. That the monies so provided in each year shall be deposited in a Special Bank Account designated "Reserve Fund - Lot Develop- ment Fees" 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. 3. 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 the approval of the fHE NiIq iA TkY 6/ TT(L'TSNK11, L[ONIM TCI 9-?G /NTeQ. (YO?(p('. ?. ICA"/4a Ministry of Inter-Governmental Affairs. 0 4. That the Background Study and Forecast on the operation of this Fund be updated every five years. 5. That the Auditor in his annual report shall report on the activities and position of the said Reserve Fund. - 2 - 6. 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. 7. That By-Law 4481/73 be rescinded. By-law read a first, second and third time and PASSED this day of hIU h/ , 1975. v. ? c Mayor ` al? Clerk `1 I TOWN OF PICKER:NG RECORDED !` ` . E Y''-. A id.aY Ac HE G. ^ ? ? F NDHRSON J. I ? -•7 - ..63ON A.