HomeMy WebLinkAboutBy-law 1946/84THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1946/84
Being a by-law to establish a trust fund
for the purposes of the Ontario Home
Renewal Program
WHEREAS the method of accounting for the purposes of the Ontario Home
Renewal Program (hereafter referred to as OHRP) has been revised to
require the establishment of a trust fund; and
WHEREAS the Minister of Municipal Affairs and Housing by Ontario Regu-
lation 227/84 filed on April 10, 1984, among other things:
(a)
requires the establishment of a trust fund for all monies
received under OHRP;
(b)
requires pending the investment of any trust money, the deposit
of any OHRP funds in an interest bearing account with any
chartered bank of Canada, any Province of Ontario Savings
Office, any trust company or loan corporation that is registered
under The Loan and Trust Corporations Act, or in any credit
union as defined in The Credit Unions and Caisses Populaires
Act (refer to section 28 of The Trustees Act); and
(c)
permits investment of any portion of the trust fund, not
required for immediate use for loans to homeowners, in securities
mentioned under clauses 26(e), (g) and (h) of The Trustees Act,
NOW THEREFORE the Council of the Corporation of the Town of Pickering
HEREBY ENACTS as follows:
The OHRP reserve fund accounts and records of the municipality
be changed effective January 1, 1985 to give due effect to the
operation of the trust fund and the conduct of the Ontario Home
Renewal Program in accordance with Ontario Regulation 227/84.
The balance of the OHRP monies in the reserve fund bank account
or any other deposit account be transferred on January 1, 1985,
to a new and separate deposit account to be operated in the
Bank as the OHRP trust fund account.
The Head of Council and the Treasurer are hereby authorized to
sign on behalf of the municipality such instruments as the Bank
requires for the due operation of the said Trust deposit account.
4. This by-law shall come into effect on January 1, 1985.
BY-LAW READ a first, second and third time and finally PASSED this 17th
day of December, 1984.
/Clerk