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The Corporation of the Town of Newcastle
By-law Number 91-116
being a by-law to establish a Reserve Fund
Capital project - Newcastle 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 Newcastle Waterfront Study as approved by Council
Resolution tC-399-91, as amended.
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 Newcastle
Waterfront Study."
2. That the uses of this fund be for the completion of a
Newcastle 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 - Newcastle 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 15th day of July, 1991.
By-law read a second time this 15th day of July, 1991.
By-law read a third time and finally passed this 15th day of July,
1991.
Clerk