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HomeMy WebLinkAbout99-176 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON BY-LAW#99- 176 Being a By-Law to establish a Reserve Fund For Municipal Government Enterprise Proceeds. WHEREAS the Council of the Corporation of the Municipality of Clarington considers it desirable to establish a Reserve Fund for the purpose of Municipal Government Enterprise Proceeds. 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—Municipal Government Enterprise Proceeds"; 2. THAT municipal funds received from Veridian Corporation and any other Municipal Government enterprise be deposited into this reserve fund, and 3. THAT the Council may,by resolution passed by a majority of members present, direct the use of the funds for municipal purposes. By-Law read a first and second time this 6th day of December 1999. By-Law read a third and finally passed this 6th day of December 1999. / Mayor Clerk