HomeMy WebLinkAbout81-111
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THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-lAW 81- 111
being a by-law to establish a policy respecting
Working Capital Reserves
WHEREAS the Council of the Corporation of the Town of Newcastle considers it
desirable to establish a policy respecting working capital reserves;
AND WHEREAS Section 308 (1) of The Municipal Act, R.S.O. 1970, as amended,
provides, that "every Municipality 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 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:
NOW THEREFORE BE IT ENACTED AND IT IS ENACTED AS A BY-lAW OF THE CORPORATION
OF THE TOWN OF NEWCASTLE AS FOllOWS:
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Po 1 i cy :
1. That q 'policy is hereby established whereby any operating surplus shall
be paid to the Working Capital Reserves; and
2. That the amount of the Working Capital Reserves shall be allowed to float within
target limits of 5% to 10% of the current yearts total tax billing.
By-law read a first time this
By-law read a second time this
Eighth
Eighth
day of
day of
September 1981
September 1981
day of September 1981
By-law read a third and final time this
Eighth
Garnet B. Rickard
Mayor
~ d~L~
David W. Oakes
Clerk
o C
Ui~ /~
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