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HomeMy WebLinkAbout90-77 The Corporation of the Town of Newcastle By-law 90 - 77 being a by-law to establish a Reserve Fund Capital Project - Bowmanville Waterfront Study 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 Bowmanville Community Waterfront Study as approved by Council Resolution #C-30-90. AND WHEREAS, Chapter 302, Section 165(1) of the Municipal Act R.S.O. 1980, 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 - Bowmanville Waterfront Study." 2. That the uses of this fund be for the completion of a Bowmanville Community Waterfront Planning study. 3. That the Treasurer is hereby authorized to transfer any funds received from Federal or Provincial Grants, etc. to the Reserve Fund - Capital Project - Bowmanville Waterfront Study. 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 30th day of April, 1990. By-law read a second time this 30th day of April, 1990. By-law read a third time and finally passed this 30th day of April, 1990. Mayor