HomeMy WebLinkAbout92-94
The Corporation of the Town of Newcastle
By-law 92 - 94
being a by-law to establish Reserve Funds
for Development Charges - Hydro Electric 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 a reserve fund for
Development Charges collected on behalf of the Newcastle Hydro
Electric Commission.
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."
AND WHEREAS, Section 16(2) of the Development Charges Act
provides that:-
Subsections 165(2) and (3) of the Municipal Act apply
with necessary modifications to payments received by a
municipality under this Part. 1909, c.50, s.16.
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:
. Development Charge - Newcastle Hydro Electric
Commission
2. That all development charges collected pursuant to the
Development Charges by-law which identifies the quantum
to be collected on behalf of the Newcastle Hydro
Electric Commission, be paid into the reserve fund.
3. That the transfer of money received in payment of
development charges on behalf of the Newcastle Hydro
Electric Commission will be made to the Newcastle Hydro
Electric Commission upon request.
4. Any interest earned on the funds held in this reserve
fund will accrue to the Municipal Capital Works Program
Reserve Fund.
5. This by-law shall take effect on the date of passing
hereof.
By-law read a first time this 23rd 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.