HomeMy WebLinkAbout93-53
TIlE CORPORATION OF TIlE TOWN OF NEWCASTLE
BY-LAW NUMBER 93-53
Being a by-law to establish a Reserve Fund
Solina Hall Access Project
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 Solina Hall Access Project for Handicapped Persons.
AND WHEREAS Chapter 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 est~ates 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 est~ates 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 - Solina Hall Access
project. "
2. That the uses of this fund be for the Construction and
completion of the Handicapped Persons Access to Solina
Community Centre Hall.
3. That the Treasurer is hereby authorized to transfer any
funds received from Federal or provincial Grants, etc. to
the Reserve Fund - Solina Hall Access Project.
4. That interest earned will be calculated based on the
month end balance in the reserve fund.
5. That the Solina Community Centre Hall Board may draw on
any funds accumulated in the Reserve Fund for purposes
identified above, by producing a detailed written request
to the Community Services Department, signed by
authorized members of the Board.
6. That expenditures for the project be coordinated with the
Facilities Division of the Community Services Department.
7. That upon completion of this project this reserve fund
will be closed out and upon written request to the
Treasurer of the Town of Newcastle any remaining funds
will be returned to the Solina Community Hall Board.
By-Law read a first t~e this 13th day of April 1993.
By-Law read a second time this 13th day of April
1993.
By-Law read a third time and finally passed this 13th day of
April 1993.