HomeMy WebLinkAbout83-46
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW 83- 46
being a by-law to establish a Reserve for
Equipment Replacement - Public Works.
WHEREAS, the Council of the Corporation of the Town of Newcastle
considers it desirable to establish a reserve for the purpose of equipment
replacement within the Public Works Department;
AND WHEREAS Section 164(5) of the Municipal Act, R.S.O. 1980, provides
that "The Council may by by-law require 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
Counci 1 on or before the 1 st 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 Equipment Replacement
- Public Works Department, with a target figure of
20% of total equipment value.
2. That the Treasurer be authorized to transfer the monies
presently held in the reserve established by Council
resolution, to the Reserve for Equipment Replacement -
Public Works Department.
BY-LAW read a first and second time this 28th day of March 1983
BY-LAW read a third time and finally passed this 28 day of March 1983
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