HomeMy WebLinkAboutBy-law 6954/09
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6954/09
Being a by-law to provide for the establishment of a Reserve
Fund to be known as the Operations Centre Reserve Fund
WHEREAS under the Municipal Act, S. 0., 2001 as amended, Section 11; 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 CS 15-09
endorsing the establishment of an Operations Centre Reserve Fund to provide a
source of funds for the new Operations Centre.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF
PICKERING HEREBY ENACTS AS FOLLOWS:
1. The establishment of a reserve fund to be known as the Operations Centre
Reserve Fund is hereby authorized.
2. The net proceeds from the sale of land in the area known as Duffin Heights and
other funds as may be approved by Council shall be deposited into this Reserve
Fund.
3. The purpose of this fund is to provide funds for the costs associated with the
establishment of the new Operations Centre. These include costs for disposal
and acquisition of land, legal fees, surveys, soil tests, engineering design,
construction costs, debt charges and if available, any equipment and furniture
required for the new facility.
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 19th day of May, 2009.
David Ry or
~ `Gity
Debi A. Wilcox, Clerk