HomeMy WebLinkAboutBy-law 3182THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NO..ML.
Being a by-law to establish a Reserve Fund
WHEREAS The Municipal Act 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 for use
in providing for a contribution towards the cost of Sick Leave
Credits.
2. THAT the moneys so provided in the estimates in each year
shall be deposited in a special Bank Account designated "Reserve Fund
Sick Leave Credits," on or before December 31st in that year and may be in-
vested in such securities as a Trustee may invest under The Trustee Act,
and the earnings derived from the investment of such moneys 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 Department
of Municipal Affairs.
4. THAT the Auditor in his annual report shall report on the
activities and position of the said Reserve Fund.
5. 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 the Council.
a first and second time this ..A g day of 194
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Head of Council { ly"r Clerk . ....
READ a third time and finally passed this .iE. day of
19
Head of Council Clerk