HomeMy WebLinkAboutBy-law 4480/73THE CORPORATION OF THE TOWNSHIP OF PICKERING
By-law Number *4401-7-3
V
Being a By-law to establish a
FOR 'Al Reserve Fund.
WHEREAS R.S.O. 1970s c. 28¢ 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 Township
of Pickering, ENACTS AS FOLLOWS:
1. THAT a reserve fund be established and maintained for use
in providing funds to pay the existing debenture debt charges on
the purchase of industrial sites in the amount of $1,028,000.
2. THAT the moneys so provided in the estimates in each year
shall be deposited in a special Bank Account designated "Reserve
Fund Repayment of Debenture Debt Charges on the Purchase of
Industrial Sites" 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
moneys 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 Ministry
of Inter-Gov ernmental Affairs.
¢. THAT the Auditor in his annual report shall report on the
activities and position of the said Reserve Fund.
S. 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.
READ a first and second time this 1y day of
19 7 3
READ a third time and finally passed this day of
J
1A' yV 19 'i