HomeMy WebLinkAbout97-120 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW'#97-120
Being a By-Law to establish a Reserve Fund
for Tyrone Community Centre
WHEREAS the Council of the Corporation of the Municipality of Clarington considers it
desirable to establish a Reserve Fund for capital purposes at the Tyrone Community
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, 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
"Reserve Fund - Tyrone Community Centre";
2. THAT the Council may, be resolution passed by a majority of members
present, direct the use of the funds for capital purposes at the Tyrone
Community Centre;
3. THAT the Treasurer is hereby authorized to deposit any remaining funds
received from the Tyrone Community Centre Board to the Reserve Fund -
Tyrone Community Centre; and
4. THAT the 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 9th day of June 1997.
By-Law read a third time and finally passed this 9th day of June 1997.
Mayor
Clerk