HomeMy WebLinkAboutBy-law 6105/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6105 /03
Being a by-law to provide for the establishment of a
Reserve Fund to be known as the Third
Party/Developer's Contributions 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 it is desirable for the City of Pickering to establish such a reserve
fund for the purpose of receiving funding from developers for the payment of
future capital commitments on behalf of developers.
WHEREAS it is desirable for the City of Pickering to establish such a reserve
fund for the purpose of receiving funding from any third parties for contributions
towards future capital projects or undertaking that may be considered and
approved by Council.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY
OF PICKERING HEREBY ENACTS AS FOLLOWS:
The establishment of a reserve fund known as the Third Party/Developer's
Contributions Reserve Fund is hereby authorized.
The Third Party/Developer's Contributions Reserve Fund shall consist of
such moneys paid by developers and third parties and such other funds
as the Council may approve together with the investments made and
earnings derived there from for the specific purpose of fulfilling future
capital commitments.
The Third Party/Developer's Contributions Reserve Fund shall be used for
the purpose of paying expenses related to capital projects as defined
under agreements or such other projects as the Council of the City of
Pickering may approve.
4. This By-Law shall come into force on the date of its enactment.
BY-LAW read a first, second and third time and finally passed the 3rd day of
March, 2003.
rt~87'sl Mav~gr '
Bruce Taylor, ~erk _ '.