HomeMy WebLinkAbout96-95 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW NUMBER 96-95
Being a by-law to establish a Reserve Fund
Capital Project - Clarington Older Adults Centre
WHEREAS the Council of the Corporation of the Municipality of Clarington considers it desirable to
establish a Reserve Fund for purpose of providing funds to monitor the costs and revenues associated
with the construction and completion of the Clarington Older Adults Centre.
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, provided that, where 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 "Reserve Fund -
Capital Project - Clarington Older Adults Centre".
2. That the uses of this fund be for the construction and completion of the Clarington
Older Adults Centre.
3. That the Treasurer is hereby authorized to transfer any funds received from Federal or
Provincial Grants, etc. to the Reserve Fund - Capital Project - Clarington Older
Adults Centre.
4. That the Treasurer be authorized to receive donations toward the construction of the
centre and issue municipal receipts for such donations.
5. That the Council may by By-Law direct the use of funds for any other purpose for
which it has the authority to spend monies.
By-Law read a first and second time this 13 day of May 1996.
By-Law read a third time and finally passed this 13 day of May 1996.
Mayor
Clerk