HomeMy WebLinkAbout88-160
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW 88- 160
being a by-law to establish a policy respecting
General Capital Reserves
WHEREAS the Council of the corporation of the TOwn of Newcastle considers it
desirable to establish a policy respecting General capital Reserves;
AND WHEREAS Section 308 (1) of The Municipal Act, R.S.O. 1970, as amended,
provides, that "every Municipality 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 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:
NOW THEREFORE BE IT ENACTED AND IT IS ENACTED AS A BY-LAW OF THE CORPORATION
OF THE TOWN OF NEWCASTLE AS FOLLOWS:
policy:
1. That a policy is hereby established whereby the unexpended funds for any
capital project which has been provided for in the current estimates of
the TOwn, and which is incomplete at the end of any given year, be
transferred to the General capital Reserve for future completion of that
project.
2. That a policy is hereby established whereby any funds transferred to the
General capital Reserve from the Working Funds Reserve, and any funds
found to be in excess of that required to complete the projects as
described under section 1. here, be available for use in the Town's annual
budgeting process for items of a capital nature, and shall also be
available to provide for contingency items of a capital nature.
BY-LaW read a first time this 24th
day of
October
1988
By-LaW read a second time this 24th
day of
October
1988
By Law read a third and final time this 24th
day of October
1988
Mayor