HomeMy WebLinkAboutBy-law 6651/06
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6651/06
Being a By-law to provide for the establishment of a
Reserve Fund to be known as the Building Permit
Stabilization Reserve Fund.
WHEREAS under the Municipal Act, S.D., 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 approved Council Report PD 41-
05 endorsing in principle the creation and or establishment of a Building Permit
Stabilization Reserve Fund to provide a source of funds during an economic
downturn to offset lower building permit fees.
AND WHEREAS Ontario Regulation 305/03 passed under the Building Code Act,
1992, as amended, specifically by Bill 124, Building Code Statute Law
Amendment Act, 2002 recognizes the establishment of such a reserve fund.
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 Building Permit
Stabilization Reserve Fund is hereby authorized.
2. The purpose of this fund is to secure funding to deal with future
recessionary pressures and mandatory service level increases. The
source of funds will be an annual portion of building code permit fees after
related direct and indirect costs are netted as defined and OJ adjusted by
the Treasurer.
3. The Treasurer may draw funds from this reserve fund during periods of
economic downtown in order to stabilize building permit fee revenue in tne
annual current budget.
4. Interest earned on the investment of fund balances shall form part of this
reserve fund.
5. 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 April,
2006.
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n, Mayor
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