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THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW #2004- 203
Being a By-Law to establish a Reserve Fund
For Rate Stabilization
WHEREAS the Council of the Corporation of the Municipality of Clarington considers it
desirable to establish a Reserve Fund for Rate Stabilization.
AND WHEREAS Chapter M.25, Section 417(1) and (2) of the Municipal Act S.O. 2001,
provides that, "Every municipality as defined in the Municipal Affairs Act, and any other
body exercising a power with respect to municipal affairs under any Act in unorganized
territory may in each year provide in its budget for the establishment or maintenance of a
reserve fund for any purpose for which it has authority to spend money. If the approval
of a municipality is required by law for a capital expenditure or the issue of debentures of
or on behalf of a local board, the local board must obtain the approval before providing
for a reserve fund for those purposes in its budget".
NOW THEREFORE, Be It Enacted and It Is Enacted, as a By-Law of the Corporation of
the Municipality of CIa ring ton as follows:
1. THAT the Treasurer be authorized to establish a reserve fund entitled
"Reserve Fund - Rate Stabilization" for the purposes of tax rate
stabilization through the annual budget process;
2. THAT the non-refundable portion of the Assessment Appeals Reserve
Fund be deposited into this reserve fund, and
3. THAT the unencumbered balance remaining in the Working Funds
Reserve be deposited into this reserve fund, and
4. 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 13th day of September 2004.
By-Law read a third and finally passed this 13th day of September 2004.
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