HomeMy WebLinkAbout81-176
THE CORPORATION OF THE TOWN OF NEWCASTLE
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BY-LAW 81-176
being a by-law to establish a Reserve for
Self-Insured Losses,
WHEREAS the Council of the Corporati on of the Town of Newcastl e
considers it desirable to e~tablish a reserve for the purpose of providing
funds for the Self-Insured Losses within the Town;
AND WHEREAS Section 308 (1), Chapter 284, R,S,O, 1970, as amended,
provides that lIevery 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 ur maintenance of a Reserve Fund for any purpose for which it
has authority to spend fundsll;
NOW THEREFORE BE IT ENACTED AND IT IS ENACTED AS A BY-LAW FOR THE CORPORATION
OF THE TOWN OF NEWCASTLE AS FOLLOWS:
.
1. That the Treasurer is ituthorized to establish a
reserve entitled Reserve for Self-Insured Losses,
2. That the Council may by resolution, passed by a
majority of members present direct the use of the
funds for specific losses incurred as related to
insured peril s .
3. That Council may by by-law direct the use of the
funds for any other purpose for which it has the
au thori ty to spend moni es,
BY-LAW READ a first and second time this 2nd day of November 1981
BY-LAW READ a third and final time this 2nd day of November 1981
G. B. Rickard4dr~
Mayor rfo.' '1
., - c'
D, W. Oakes /.Ccc L (CCeC C. ,rJ:~"J
Clerk
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