HomeMy WebLinkAbout84-162
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NUMBER 84-162
Being a by-law to establish a trust fund for the
purposes of the Ontario Home Renewal Program.
WHEREAS the method of accounting for the purposes of the Ontario Home
Renewal Program (hereafter referred to as OHRP) has been revised to
require the establishment of a trust fund.
WHEREAS the Minister of Municipal Affairs and Housing by Ontario
Regulation 227/84 filed on April 10, 1984, among other things;
(a) requi res the estab 1 i shment of a trust fund for all moni es rece i ved
under OHRP;
(b) requires pending the investment of any trust money, the deposit of
any OHRP funds in an interest bearing account with any chartered
bank of Canada, any Province of Ontario Savings Office, any trust
company or loan corporation that is registered under The Loan and
and Trust Corporation Act, or in any credit union as defined in
The Credit Unions and Caisses Populaires Act (refer to ~ection 28
of The Trustees Act); and
(c) permits investment of any portion of the trust fund, not required
for immediate use for loans to homeowners, in securities mentioned
under clauses 26(e),(g) and (h) of The Trustee Act.
NOW THEREFORE, the Council of the Corporation of the Town of Newcastl e
ENACTS as follows:
1. THAT the OHRP reserve fund accounts and records of the
municipalities be changed effective January 1st 1985 to give due
effect to the operation of the trust fund and the conduct of the
Ontario Home Renewal Program in accordance with Ontario Regulation
227 /84.
2. THAT the balance of the OHRP monies in the reserve fund bank
account or any other deposit account be transferred on January 1st
1985, to a new and separate deposit account to be operated in the
Bank as the OHRP trust fund account.
3. THAT the Mayor and the Treasurer are hereby authorized to sign on
behalf of the municipality such instruments as the Bank requires
for the due operation of the said Trust deposit account.
4. THAT this by-law shall come into force on January 1st 1985.
READ a first and second time this 17th day of December , 1984.
READ a third and final time this 17th day of December , 1984.
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Mayo r
I File No,.~VJi-,--:J