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HomeMy WebLinkAboutBy-law 6418/04THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. .6418/04 Being a By-law to provide for the establishment of a Reserve Fund to be known as the Dedicated Gas Tax 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. 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 the Council of the City of Pickering approved Council Report CS 54- 04 endorsing the City's participation in the Provincial Gas Tax Funds for Public Transportation Program. WHEREAS it is desirable for the City of Pickering to establish such a reserve fund for the purpose of receiving funding from the Province for the paying of transit related expenses in 2004 and beginning in 2005 to pay for those expenses (capital and current) that are intended to increase ridership. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF PICKERING HEREBY ENACTS AS FOLLOWS: The establishment of a reserve fund known as the Pickering Gas Tax Reserve Fund is hereby authorized. The Dedicated Gas Tax Reserve Fund shall consist of such moneys paid by the Province for the specific purpose in 2004 for transit related expenses and beginning in 2005 for those expenditures (current and capital) that are intended to increase ridership together with investments made and earnings derived there from. 3. 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 20th day of December, 2004. Bruce Taylor, CI6rk ....