HomeMy WebLinkAbout82-146
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The Corporation of the Town of Newcastle
By-Law 82- 146
Being a By-Law to establish a Reserve Fund for the
Bowmanville Museum Development Fund.
WHEREASt the Councill of the Corporation of the Town of Newcastle considers
it desirable to establish a reserve fund for the purpose of providing funds
for the Development Fund of the Bowmanville Museum Development.
ANn WHEREAS, Chapter 302, Section 165(1) of the Municipal Act RSO 1980
providest that, "Every municipality as defi'ned in the Muncipal Affairs Act
and every boardt commission, body or local authority established or exercising
any power or authority with respect tomuni'ci,pa 1 affai rs under any general or
special Act in an unorganized township or in unsurveyed territory may in each
year provide in the estimates for the establishment or maintenance of a reserve
fund for any purpose for whi'ch it has authority to spend funds, provided
that , where the approval of the council is requi red by 1 aw for a capital
expenditure or the issue of debentures of or on the behalf of a local board,
the approval of the council of provision in the estimates of the local board
for a reserve fund shall be obtained. 1976,c.69,s.7(1).
NOW THEREFORE, BE IT ENACTED and it is ENACTED as a By-Law of the Corporation
of the Town of Newcastle as follows:
1. That the Treasurer be authorized to establish a reserve fund entitled
"Bowmanville Museum Development Reserve Fund."
2. That such funds be held in an account at the Bowmanville Canadian
Imperial Bank of Commerce and also, such funds are permitted to be
placed in short term deposit receipts of the Canadian Imperial Bank
of Commerce in amounts and for such terms as the Board deems advisable.
predicated on the projected usage of development purposes.
3. That the additions to this fund are net revenues and donations, one of
which wi 11 be a former Town of Bowmanvi 11 e debenture of $10,000 due
October 1st, 1982, as these monies having originally derived from a
donation by Mrs. Williams.
4. That the uses of this fund be for the development of the Museum collections
and facilities.
5. That Council may by resolution passed by a majority of the members present
direct the use of funds for specific projects relating to the Bowmanville
Museum.
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By-Law 82-
6. That Council may by By-Law direct the use of funds for any other
purpose for which it has authority to spend monies.
BY-LAW READ a FIRST and SECOND time this 18th day of October, 1982.
BY-LAW READ a THIRD and FINAL time this 18th day of October, 1982.
G.B. Rickard.~ ~~---r
Mayor '
seal
D.W. Oakes
Town Clerk