HomeMy WebLinkAbout93-212 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 93-212
Being a by-law to establish a Reserve Fund -
Impact/Escrow Funds
WHEREAS the Council of the Corporation of the Municipality of
Clarington considers it desirable to establish a Reserve Fund for
the purpose of setting aside former Ontario Hydro Station "B" and
Escrow account funds to compensate the Municipality for a range of
possible impacts of the Darlington Nuclear Generating Station.
AND WHEREAS c.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 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 Municipality of Clarington as follows:
1. That the Treasurer be authorized to establish a reserve
fund entitled "Reserve Fund - Impact/Escrow Funds" ,
2 . That the Council may by resolution passed by a majority
of members present, direct the use of the funds for
specific projects,
3. That the Treasurer is hereby authorized to deposit any
funds received from Ontario Hydro regarding the Escrow
account and the Station B account to the Reserve Fund -
Impact/Escrow Funds, and
4 . That Council may by By-law direct the use of any surplus
funds for any other purpose for which it has authority to
spend monies.
By-Law read a first time this 13th day of December 1993.
By-Law read a second time this 13th day of December 1993 .
By-Law read a third time and finally passed this 13th day of
December 1993 .
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