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HomeMy WebLinkAbout92-47 The Corporation of the Town of Newcastle By-law Number 92- 47 being a by-law to establish a Reserve Fund Capital project - Reconstruction Purposes for Darlington Pioneer Cemeteries 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 Reconstruction of Darlington Pioneer Cemeteries as approved by Council Resolution IC-809-90. AND WHEREAS, Chapter 302, Section 165(1) of the Municipal Act R.S.O. 1980, 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, provided that, where 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 for 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 - Reconstruction of Darlington Pioneer Cemeteries." 2. That the uses of this fund be for Capital reconstruction purposes for Darlington Pioneer Cemeteries. 3. That the Treasurer is hereby authorized to transfer any funds received from Federal or provincial Grants, etc. to the Reserve Fund - Capital Project - Reconstruction of Darlington Pioneer Cemeteries. 4. 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 time this 10th day of February , 1992. By-law read a second time this 10th day of February, 1992. By-law read a third time and finally passed this 10th day of February 1992. d0Af.P~ . Mayor