HomeMy WebLinkAboutBy-law 4481/73THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER 44-0/73
Being a By-law to establish a
Reserve Fund.
WHEREAS R.S.O. 19703 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 Township
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 for
the expenditure of monies of a capital nature for the benefit of
all taxpayers.
2. THAT the monies so provided in each year shall be deposited
in a Special Bank Account designated "Reserve Fund - Capital
Expenditures" 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 Ministry
of Inter-Governmental Affairs.
4. THAT the Auditor in his annual report shall report on the
activities and position of the said Reserve Fund.
S. 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.
BY-LAW read a First, Second and Third time and PASSED this 174k
_?y_v 1973.
J '
R eve
Clerk