HomeMy WebLinkAbout93-7
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NUMBER 93-7
Being a by-law to establish a Reserve Fund
Capital Project - Courtice Community Complex
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 Courtice Community Complex as approved by Council
Resolution #C-182-92 as amended.
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 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 "Reserve Fund - Capital Project - Courtice
Community Complex."
2. That the uses of this fund be for the Construction and
completion of the Courtice Community Complex.
3. That the Treasurer is hereby authorized to transfer any
funds received from Federal or provincial Grants, etc. to
the Reserve Fund - Capital Project - Courtice Community
Complex.
4. That Council may by By-law direct the use of funds for
any other purpose for which it has authority to spend
monies.
By-Law read a first time this 11th day of January 1993.
By-Law read a second time this 11th day of January 1993.
By-Law read a third time and finally passed this 11th day of
January 1993.
IU~~~~
Mayor
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DEPUTY Cerk