HomeMy WebLinkAbout92-93
The Corporation of the Town of Newcastle
By-law 92 - 93
being a by-law to establish Reserve Funds
for Development Charges - Municipal purposes.
WHEREAS the Council of The Corporation of the Town of Newcastle
has adopted a revised development charge policy, the Council
considers it desirable to establish reserve funds for Development
Charges for Municipal purposes.
AND WHEREAS, Section 165(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, 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 the
following reserve funds entitled:
. Development Charge - Public Works
. Development Charge - Community Services
. Development Charge - Library Services
. Development Charge - Fire Protection
. Development Charge - Civic Administration
2. That all development charges collected pursuant to the
Development Charges by-law which identifies the quantum
to be collected, be paid into the reserve funds in
accordance with the following apportionment:
. Development Charge - Public Works
Development Charge - Community Services
Development Charge - Library Services
Development Charge - Fire Protection
Development Charge - Civic Administration
52.7%
32.2%
06.2%
04.6%
04.3%
3. This by-law shall take effect on the date of passing
hereof.
By-law read a first time this 23td day of March , 1992.
By-law read a second time this 23rd day of March
, 1992.
By-law read a third time and finally passed this 23rd day of
March 1992"