HomeMy WebLinkAbout86-122
The Corpora+ion of +he Town of Newcas+le
By-law 86- 122
being a by-law to establ ish a Reserve Fund
Capital Project - Arena
WHEREAS, the Council of the Corporation of the Town of Newcastle
considers it desirable to establ ish a Reserve fund for the purpose
of providing funds for the Construction of an Arena.
AND WHEREAS, Chapter 302, Section 165(1) of the Municipal Act R.S.O.
1980 provides, that, "Every municipal ity 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 Counci I 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 counci I 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 fol lows:
1. That the Treasurer be authorized to establ ish a reserve fund
entitled "Reserve Fund - Capital Project - Arena"
2. That the uses of this fund be for the construction of a new
Arena in Bowmanvi I Ie.
3. That the Treasurer is hereby authorized to transfer al I
funds received from fund raising activities, Federal or
Provincial Grants, etc. to the Reserve Fund - Capital
Project - Arena
4. That Counci I 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 8th day of September 1986
By-law read a second time this 8th day of September 1986
By-law read a third time and finally passed this 8th day
Mayor
Ln'e NO..:.~~7. (ef