HomeMy WebLinkAboutBy-law 6190/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6190 /03
Being a by-law to provide for the establishment of a
Reserve Fund to be known as the Doubles Squash
Courts 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 the Council of the City of Pickering has endorsed in principle the
construction of two doubles squash courts at the Pickering Recreation Complex.
WHEREAS it is desirable for the City of Pickering to establish such a reserve
fund for the purpose of receiving funding from the Pickering Squash Club,
memberships' surcharges, corporate sponsorships or 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:
1. The establishment of a reserve fund known as the Doubles Squash
Courts Reserve Fund is hereby authorized.
The Doubles Squash Courts Reserve Fund shall consist of such moneys
paid by Pickering Squash Club, memberships' surcharges, corporate
sponsorships, any 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 Doubles Squash Courts Reserve Fund shall be used for the purpose
of paying expenses related to the provision of doubles squash courts, 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 14th day of
October, 2003.
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~a~u r t ce Brenher
Interim Mayor
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