HomeMy WebLinkAboutBy-law 181/75THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER
Being a By-law to establish a
Reserve Fund.
WHEREAS R.S.O. 1970, c. 284 s. 308 (1) authorizes every
Municipality or any of its local boards each year to provide in
the estimates for the establishment or maintenance of a Reserve
Fund;
THEREFORE the Council of the Corporation of the Town of Pickering
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
to cover the annual municipal debt charges ordinarily collected
by a general mill rate with the exception of the first $100,000.00
in each year.
2. That the monies so provided in each year shall be deposited
in a Special Bank Account designated "Reserve Fund - Lot Develop-
ment 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 the approval of the
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Ministry of Inter-Governmental Affairs. 0
4. That the Background Study and Forecast on the operation of
this Fund be updated every five years.
5. That the Auditor in his annual report shall report on the
activities and position of the said Reserve Fund.
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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 That By-Law 4481/73 be rescinded.
By-law read a first, second and third time and PASSED this
day of hIU h/ , 1975.
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Mayor ` al? Clerk `1
I
TOWN OF PICKER:NG
RECORDED !` ` . E
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Ac HE G.
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