HomeMy WebLinkAbout92-95
The Corporation of the Town of Newcastle
By-law 92 - 95
being a by-law to establish a Reserve Fund
for Municipal Capital Works Program.
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 the
Municipal portion of the Capital Works Program identified
throught the Development Charge Policy Report.
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 a reserve
fund entitled:
. Municipal Capital Works Program
2. That funds identified through the annual budgeting
process be transferred into this reserve fund.
3. That expenditures from this reserve fund be for the
purposes of funding the municipal portion of the
Capital Works Program identified in the Development
Charge Policy Report or for purposes as identified by
Council.
4. 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
Clerk