HomeMy WebLinkAbout87-60
THE CORPORATION OF THE TCMN OF NEVCASTLE
BY-LAW NO. 87- 60
Being a by-law to establish a Reserve Fund for
the Retirement of Debentures for the new Arena
and Administrative Centre.
WHEREAS the Council of the Corporation of the Town of Newcastle
considers it desirable to establish a reserve for the purpose of
providing funds to retire Debentures for the New Arena and Admin-
istrative Centre.
AND WHEREAS, Chaptor 302, Section 165 ( 1) of the Municipal Act,
R.S.O. 1980, provides, that "every Municipality and every board,
comnission, 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 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 Council is required by law for a capital expend-
iture 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 is authorized to establish
a reserve fund entitled Reserve Fund for the
Retirement of Debentures.
2. That Council may by By-Law direct the use of
the funds for any other purpose for which it
has the authority to spend monies.
By-Law read a first and second time this 3rd day of April 1987.
By-Law read a third and final time this 3rd day of April 1987.
Mayor
L~=
'.. Clerk