HomeMy WebLinkAboutCS 21/00
.-.
099
REPORT TO COUNCIL
FROM:
Gillis A. Paterson
Director, Corporate Services & Treasurer
DATE: Sep~mber30,2000
REPORT NUMBER: CS 21-00
SUBJECT: Establishment of Reserve Fund
RECOMMENDATION:
That Report No CS 21-00 be received by Council and that:
1. A reserve fund to be known as the Brockridge Park Clubhouse Trust be established.
2. The attached By-Law be read three times and passed; and,
3. The appropriate Officials of the City of Pickering be given authority to give effect thereto.
ORIGIN:
Request of Pickering Baseball Club
,-
AUTHORITY:
The Municipal Act, RSO 1980, as amended
FINANCIAL IMPllCATIONS:
Not applicable
EXECUTIVE SUMMARY:
Not applicable
BACKGROUND:
-
The recommendations are further to a recent request from Pickering Baseball Association
(P.B.A.) for approval to construct a clubhouse in Brockridge Park and to have the City assist in
the cost of same. Staff of the City met with P.B.A. officials and negotiated an arrangement
whereby work for the clubhouse will not proceed until 2001.
The P.B.A. has contributed $60,000.00 towards the project and have requested that the funds be
held by the City, on their behalf, in an account specifically for the clubhouse project.
The recommendation establishes the means to hold the funds as requested and the by-law will
specify the purpose to which the funds can be put. It is anticipated, still, that this project will be
brought to Council during 2001 Budget deliberation.
The funds will be managed by the Treasurer under the Council approved Investment Policy.
1 0 0 Report to Council CS 21-00
Date: September 30, 2000
Subject: Establishment of Trust Fund
Page 2
~
ATTACHMENTS:
By-Law to establish a Reserve Fund
Prepared By/Approved/Endorsed By:
~#~ .,.
c...--
Gillis A. Paterson,
Director, Corporate Services & Treasurer
GAP:vw
Copy: Chief Administrative Officer
Director, Operations and Emergency Services
Recommended for the consideration of Pickering
City Council
-
"
-
THE CORPORATION OF THE CITY OF PICKERING
"....
BY-LAW NO. 5761/00
Being a by-law to establish and maintain a
Reserve Fund for the construction of the
Brockridge Park Clubhouse.
WHEREAS pursuant to the provisions of Section 163 of the Municipal Act, R.S.O. 1990, as
amended, every Municipality may provide for the establishment or maintenances of a Reserve
Fund for any purpose for which it has the authority to spend funds;
AND WHEREAS the Council of the City of Pickering will be considering the matter of
construction of a clubhouse in Brockridge Park as part of its annual Capital Budget deliberation;
AND WHEREAS the Pickering Baseball Association wishes to contribute financially to the
construction costs of such a facility,
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF
PICKERING HEREBY ENACTS AS FOLLOWS:
1. That a Reserve Fund to be known as the Brockridge Park Clubhouse Trust be established.
-
2. That funding for this Reserve Fund shall initially be by a contribution in the amount of
$60,000.00 from the Pickering Baseball Association, and thereafter from any other donors
or contributors or from such funds as the Council of the City of Pickering may from time
to time approve.
3. That the monies so provided shall be used only for the construction of a clubhouse to be
located in Brockridge Park.
4. That the Treasurer manage such monies so provided according to the Investment Policy
approved by Council at its meeting of March 9,1998.
5. That this Reserve Fund shall be subject to the provisions of the Municipal Act.
6. That this by-law shall come into force and. take effect upon the date of the final passing
thereof.
BY-LAW read a first, second and third time and finally passed this 16 day of October
-
ayor
~~