HomeMy WebLinkAboutBy-law C-9/1980 - By-law to amend Municipal Code •
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THE CORPORATION OF THE TOWN OF PICKERING
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BY-LAW NO. C-9
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Being a By-Law to amend the Town of
Pickering Municipal Code to establish a
reserve fund for the Financing of a
Capital Works Program
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WHEREAS, pursuant to the provisions of section 308(1)
of The Municipal Act, R.S.O. 1970, c.284, the Council of the
Corporation of the Town of Pickering enacted By-Law 495/76
on October 18th, 1976 to establish a Reserve Fund for Lot
Development•Fees collected; and -
WHEREAS, pursuant to the provisions of section 242a
of the said Act, the Council enacted By-Law C-1 on November
19th, 1979 to establish the Town of Pickering Municipal Code,
• section 2310.2 of which incorporates within that Code the
provisions of By-Law 495/76; and •
WHEREAS, it is deemed desirable to establish a
Reserve Fund for the Financing of a Capital Works Program .
using, in part, all funds presently set aside in the Reserve
Fund for Lot Development Fees Collected and all future lot
development fees to be collected;
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NOW THEREFORE, the Council of the Corporation of the
Town of Pickering HEREBY ENACTS AS FOLLOWS:
1. The Town -of Pickering Municipal Code is hereby
amended by adding thereto the following sec-
tion:
2310.4 Reserve Fund for the Financing .
of a Capital, Works Program
2310.4.1 That a reserve fund be established
and maintained to provide for the
financing of a capital works prog
ram by:
(a) setting aside,
(i) all lot levy fees col
lected from developers,
and
(ii) an annual contribution from
the General Fund, being the
dollar amount equivalent to
one mill on the weighted tax-
able assessment upon-which
the year's rates of taxation
- are set;
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(b) transferring to the said fund all
TOWN O monies on the special bank account
PI KERN i_, designated "Reserve Fund - Lot
Development Fees", as of the date
APPROVE of passage hereof, •
AS TO FlR11 all of which monies are to be used:
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(c) first, to make annual contributions
- to the General Fund to pay the
annual municipal debt-charges on .
capital works, ordinarily paid from
. funds collected by the general mill
rate, and
. (d) then, to make contributions to ithe
Capital Fund for Capital Works,
when such financing is required,
• • in amounts that are estimated to
be in .excess of the annual municipal
-debt charge requirements.
2310.4:2 That the monies so provided in each year
shall be deposited in a special -bank
account designated "Reserve Fund - Capital
Works Program" 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
i form part of the Reserve Fund.
2310.4.3 That the Background .Study and Forecast on
the operation of this fund be updated at .
least every five years.
• 2310.4.4 That the Auditor in°his.annual report
shall report on the activities and •
position of the said Reserve Fund. -
2. The Town Treasurer is hereby authorized and directed
to close, on the date immediately following the date
of passage hereof, the special bank account desig-
nated "Reserve Fund - Lot Development Fees".
1 3: Section 2310.2 of The -Town of Pickering Municipal
Code is hereby revoked.
BY-LAW read a first, second and third time and finally passed
this - 7th day of July , .1980.
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