HomeMy WebLinkAbout81-184
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The Corporation of the Town of Newcastle
By-Law No. 81- 184
being a by-law to establish a Reserve for
Municipal Acquistions of Real Property
WHEREAS the Council of the Corporation of the Town of Newcastle considers it
desirable to establish a reserve for the purpose of providing funds for the
Municipal Acquistions o~ Real Property.
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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1. That the Treasurer is authorized to establish a reserve
entitled Reserve for Municipal Acquistions of Real Property,
2, That the proceeds of sale of municipal real property except
where prohibited statute or where the monies are specifically
designated to another use be an addition to the reserve,
3. That the Council may by resolution passed by a majority of
members present direct the use of the funds for specific
projects.
4. That Council may by by-law direct the use of the funds for
any other purpose for which it has the authority to spend
monies.
BY-LAW READ a first and seconed time this 16th day of November
, 1981.
BY-LAW READ a third and final time this 16th
day of November
, 1981.
G. B. Ri ckard ~ 4-,r,: ."'f'
Mayor .
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Seal
D,W.Oakes
Town Clerk
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