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HomeMy WebLinkAbout92-223 THE CORPORATION OF THE TOWN OF NEWCASTLE BY-LAW NUMBER 92- 223 Being a by-law to establish a Reserve Fund Capital Project - Bowmanville Go Rail Feasibility Study WHEREAS, the Council of the Corporation of the Town of Newcastle considers it desirable to establish a Reserve Fund for the purpose of providing funds to monitor the costs and revenues associated with the technical feasibility and station location for full Go Rail service to Bowmanville as approved by Council Resolution #C- 363-92. AND WHEREAS Chapter M. 45, Section 163 (1) of the Municipal Act R.S.O. 1990, provides that, "Every municipality as defined in the Municipal Affairs Act and every board, commission, body.or local authority established or exercising any power or authority with respect to municipal affairs 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 which it has authority to spend funds, but if the approval of the Council is required by law for a capital expenditure or the issue of debentures of or on behalf of a local board, the approval of the council of a provision in the estimates of the local board of a reserve fund shall be obtained." 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 "Reserve Fund - Capital Project - Bowmanville Go Rail Feasibility Study." 2 . That the uses of this fund be for the completion of a Bowmanville Go Rail Feasibility Study. 3. That the Treasurer is hereby authorized to transfer any funds received from Federal or Provincial Grants, etc. to the Reserve Fund Capital Project Bowmanville Go Rail Feasibility Study. 4. That Council may be By-law direct the use of funds for any other purpose for which it has authority to spend monies. By-Law read a first time this 23rd day of November 1992. By-Law read a second time this 23rd day of November 1992. By-Law read a third time and finally passed this 23rd day of November 1992.