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Corpora-tion of -the Town of Newcas-tle
BY-LAW 86- 60
BEING A BY-LAW TO ESTABLISH A RESERVE FUND FOR THE
NEWCASTLE PUBLIC LIBRARY - COURTICE BRANCH
WHEREAS, the Council of the Corporation of the Town of the Town
of Newcastle considers it desirable to establish a reserve fund
for the purpose of providing funds for the Capital Expansion to
the Newcastle Publ ic Library system - Courtice Branch.
AND WHEREAS, Chapter 302, Section 165(1) of the Municipal Act
RSO 1980 provides, that, "Every municipal ity as defined in the
Municipal Affairs Act and every board, commission, body or local
authority establ ished 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 establ ishment 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 the behalf of a local board, the
approval of the Council of a provision in the estimates of the
laca I board for a reserve fund sha II be obta i ned."
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 establish a reserve
fund entitled "Newcastle Publ ic Library - Courtice Branch
Reserve Fund."
2. That the uses of this fund be for the development of a
I ibrary branch in the Courtice Area.
3. That Council may by resolution passed by a majority of the
members present direct the use of funds for specific
projects relating to the Newcastle Public Library System.
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 and second time this 12th day of May, 1986.
By-law read a third and final time this 12th day of May, 1986.
seal
Mayor
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