HomeMy WebLinkAboutBy-law 495/76THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 4} %C-
Being a by-law to establish and maintain
a Reserve Fund for all lot development
fees collected
WHEREAS pursuant to the provisions of section 308(1) of The Municipal
Act, R.S.O. 1970, c.284, every municipality may provide for the
establishment or maintenance of a Reserve Fund for any purpose for
which it has authority to spend funds;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF PICKERING
HEREBY ENACTS AS FOLLOWS:
1. That a Reserve Fund be established and maintained to set
aside all lot development fees collected and to use these funds
Firstly: to make annual contributions to the Revenue Fund
of the municipality to cover the annual municipal debt
charges oridinarily collect by a general mill rate, with
the exception each year of an amount equivalent to one
mill on the weighted taxable assessment upon which the
year's rates of taxation are set; and
Secondly: to make financial contributions to the Capital
Fund when such financing is required in amounts that are
estimated to be in excess of the annual municipal net debt
charge requirements.
2. That the monies so provided in each year shall be deposited
in a Special Bank Account designated "Reserve Fund - Lot development
Fees" 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 form part of
the Reserve Fund.
3. That the money raised for the said Reserve Fund shall not be
expended, pledged or applied for any purpose other than that for which
the fund was established without a two-thirds vote of the Members of
the Council.
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4. That the Background Study and Forecast on the operation of
this fund be updated at least every five years.
5. That the Auditor in his annual report shall report on the
activities and position of the said Reserve Fund.
6. That this by-law shall come into force and take effect upon
the date of the final passing thereof, subject to its having received
the assent of at least two-thirds of Council.
7. That By-law 181/75 be rescinded.
By-law read a first, second and third time and PASSED this
( day of ?C4U(I(i1 1976.
Mayor
Clerk