Loading...
HomeMy WebLinkAbout96-56 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON BY-LAW NUMBER 96 - 56 Being a by-law to establish a Reserve Fund for the Clarington Older Adults Centre WHEREAS the Council of the Corporation of the Municipality of Clarington considers it desirable to establish a Reserve Fund for the purpose of providing interim financing for the operation of an older adults centre in the Municipality of Clarington; AND WHEREAS Chapter M.45, Section 163(1) of the Municipal Act R.S.O. 1990, provides that, "Every municipality as defined in the Municipal Affairs Act 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 in 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, but if the approval of the council is required by law for a capital expenditure or the issue of debentures of or on behalf of a local board, the approval of the council of a provision in the estimates of the local board for a reserve fund shall be obtained." NOW THEREFORE, Be It Enacted and It Is Enacted as a By-law of the Corporation of the Municipality of Clarington as follows: 1. THAT the Treasurer be authorized to establish a reserve fund entitled "Clarington Older Adults Centre Reserve Fund"; 2. THAT the Treasurer is hereby authorized to transfer the one million dollars from the Impact/Escrow Reserve Fund into the Clarington Older Adults Reserve fund; 3. THAT any interest accruing to the Clarington Older Adults Reserve Fund be available to assist in the operating expenditure related to the Clarington Older Adults Centre; 4. THAT the Clarington Older Adults Committee may request access to the funds through the annual budget grant process as approved by Council; 5. THAT on an annual basis, in conjunction with budget deliberations, the operating viability of the Older Adults Centre be reviewed and when deemed to be self- sufficient, or after a five (5) year period (2001), whichever is earlier, the principal value of one million dollars be transferred back to the Impact/Escrow Fund with any funds uncommitted at that date; 6. THAT Council may by By-law direct the use of any surplus funds for any other purpose for which it has authority to spend monies. By-law read a first and second time this 11th day of March, 1996. By-law read a third time and finally passed this 11th day of March, 1996. Mayor uty k i 137.36 1ADEMNITY AGREEMENT RE: UNVERIFIED DEPOSITS TO THE TORONTO-DOMINION BANK In consideration of The Toronto-Dominion Bank, the "Bank", accepting from time to time delivery of the undersigned's deposits delivered to it for the credit of the undersigned, which deposits have not been counted or verified by the Bank in the presence of the undersigned, the undersigned agrees as follows: 1. The deposits shall consist only of coin, currency,cheques and other orders for the payment of money. 2. The undersigned shall itemize the contents of the deposit on a deposit slip. 3. If the Bank, in its absolute discretion, is not satisfied in any manner whatsoever with all or part of the contents of the deposit, the Bank is not required to deal with such deposit and may deliver such deposit to the undersigned or any authorized representative of the undersigned against their receipt. 4. The relationship of debtor/creditor between the Bank and the undersigned shall not arise until the Bank credits the deposit to the undersigned's account, notwithstanding that the Bank has given a receipt for the delivery of the deposit to the undersigned. 5. The services afforded by the Bank under this Agreement may be terminated at any time by the Bank without prior notice. 6. The Bank's count and verification of the deposit shall be deemed correct and shall bind the undersigned. 7. If there is a discrepancy between the amount of the deposit as indicated in the undersigned's deposit slip and the Bank's determination of the amount of the deposit, the Bank shall credit the undersigned's account with the amount of the deposit as determined by it, and shall notify the undersigned of the discrepancy. 8. The undersigned hereby jointly and severally covenant and agree with the Bank that the undersigned will keep indemnified and save harmless the Bank of, from and against all actions, suits, cause and causes of action and suit, claims, and demands which may at any time or times hereafter be made, brought or claimed against the Bank or any of its officers or employees, by reason of or arising from the Bank's accepting from time to time delivery of deposits of the undersigned as herein provided and of and frorn all loss, costs, charges and expenses which the Bank may sustain or be put to in respect thereof. This Agreement shall be binding on the undersigned and the respective heirs, executors, administrators, successors, or assigns of the undersigned. Dated at Clarington _ this 2nd day of November 1995 01a e H re, WMa Mari n , Clerk