HomeMy WebLinkAboutBy-law 8066/23The Corporation of the City of Pickering
By-law No. /23
Being a Ey-law to provide for the establishment of a Reserve Fund to be known as the Canada Community Building 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 Council of the City of Pickering approved Council Report CS 92-05 authorizing the City to execute the Municipal Funding Agreement for the Transfer of Federal Gas Tax
Revenues under the New Deal for Cities and Communities.
Whereas the execution of the Municipal Funding Agreement as per By-law 6609/05 and the subsequent Amending Municipal Funding Agreement as per By-law 7060/10 provides the City of Pickering with funds to be used for eligible projects as outlined in the agreement(s).
Whereas the Council of the City of Pickering passed By-law 6609/05 being a By-law to
establish and maintain a Federal Gas Tax Reserve Fund.
Whereas on June 29, 2021, the Federal Government of Canada renamed the Federal Gas Tax Fund the Canada Community Building Fund.
Whereas the name change was undertaken by the Federal Government to better reflect the program evaluation over time and did not alter or modify the objectives or requirements of the program in any way.
Whereas renaming the City of Pickering’s Federal Gas Reserve Fund the Canada Community
Building Reserve Fund will align the fund with the new program name.
Now therefore the Council of the Corporation of the City of Pickering hereby enacts as follows:
1. The establishment of a reserve fund know as the Canada Community Building Reserve
Fund is hereby authorized.
2. The Canada Community-Building Reserve Fund shall consist of such moneys paid by the Federal Government or through the Association of Municipalities of Ontario for the purpose of meeting the requirements of the program as described in the Municipal Funding
Agreement for the Transfer of Federal Gas Tax Revenues under the New Deal for Cities
and Communities (as amended) together with investments made and earnings derived there from.
3. That By-law 6609/05 be repealed in its entirety.
By-law No. 23 Page 2
4. That this By-law shall come into effect upon the date of the final passing thereof.
By-law passed this 11th day of December, 2023
________________________________
Kevin Ashe, Mayor
________________________________ Susan Cassel, City Clerk
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