HomeMy WebLinkAbout83-45
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LA~~ 83-45
being a by-law to establish a Reserve for
Sick Credit Liabilities.
WHEREAS, the Council of the Corporation of the Town of Newcastle
considers it desirable to establish a reserve for sick credit liabilities;
AND WHEREAS, Section 164(5) of the Municipal Act, R.S.O. 1980, provides
that IICouncil may by by-l aw requi re that the estimates for the current
year of every board, commission or other body for which the Council is by
law required to levy any rate or provide money shall be submitted to the
Council on or before the 1st day of March in each year, and that such
estimates shall be in the form and give the particulars that the by-law
prescribesll;
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, entitled Reserve for Sick Credit
Liabilities, with a target figure of'aininimUni of
25% and a maximum of5ms of, the' tota 1 vested sick
credits.
BY-LAW read a first and second time this 28th day of March , 1983.
BY-LAW read a third time and finally passed this 28th day of March , 1983.
G.B. Rickard
Mayor
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Seal
D.W. Oakes
Town Clerk
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