HomeMy WebLinkAboutBy-law 7374/14 The Corporation of the City of Pickering
By-law No.7374/14
Being a by-law to provide for the establishment of a Reserve
Fund to be known as the Stormwater Management 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 it is desirable for the City of Pickering to establish such a reserve fund for the
purpose of maintaining the City's stormwater management infrastructure.
Now therefore the Council of the Corporation of the City of Pickering hereby enacts as
follows:
1. The establishment of a reserve fund known as the Stormwater Management
Reserve Fund is hereby authorized.
2. The purpose of this fund is to provide funds for major repairs. Rehabilitation,
reconstruction or replacement of the City's stormwater management system.
3. The initial source of funds will be a transfer from the Public Works Reserve Fund in
the amount of$355,274.56. Future sources of funds will be cash-in-lieu for
stormsewer connections, stormwater management fees, or as identified by the
Treasurer or as approved by Council including but not limited to the annual budget, .
or any other source.
4. The Treasurer may draw funds from this reserve fund for major repairs,
rehabilitation, reconstruction or replacement of the City's stormwater management
system.
5. The Treasurer has the discretion to draw from this fund when project expenditures
exceeds the budget.
6. Interest earned on the investment of fund balances shall form part of this reserve
fund.
7. This By-law shall come into force on the date of its enactment.
By-law passed this 14th day of July, 2014.
C
David R a r
Debbie Shields, City Clerk