HomeMy WebLinkAboutTR-85-81 �o.55-7.
Report to the Chairman and Members of the General Purpose and Administration
Meeting held November 9, 1981 .
Report No. TR-85-81
Subject: Establishing a Reserve for Municipal Acquisitions of
Real Property.
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Recommendation:
It is respectfully recommended that:
1 . This report be received; and
2. The attached by-law establishing a Reserve for
Municipal Acquisitions of Real Property be
approved; and
3. The proceeds from the sale of municipal real
property except where prohibited by statute or
where the monies are specifically designated to
another use, be an addition to the aforementioned
reserve.
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Background and Comment:
Council resolution #C-1078-81 , which is restated below, directed
the Treasurer to bring forward a report.
"THAT the recommendation in Report ADMIN. 8-81 be approved;
and that the attached by-law be adopted for executing the
attached Property Purchase Agreement; and
that the Treasurer be requested to bring forward a report
on the setting up of a reserve account for monies received
through the sale of municipal land;
and the Ministry of Transportation and Communications be
advised of the execution of the agreements as soon as possible. "
"CARRIED"
In reviewing the reserves and reserve funds which the Town
presently has in place, it appears necessary to create a separate account
for the monies received through the sale of municipal real property.
The monies might have been assigned to the Administrative Improvement
Reserve Fund as that fund could encompass real property acquisitions for
many purposes , as well as other improvements.
Item #3 of By-Law 81-28 states that the Administration Improvement
Projects covered by this By-Law shall be in the central business area of
Bowmanville, and thereby precludes the use of this fund. 1
c�
A separate reserve should be established to be funded by the sale �1
of municipal lands which are excess to the Town's needs. In the case of the
sale of lands dedicated for parks, those monies must be allocated to otherf�s�(
reserve funds as per the Town's by-laws,
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The monies in the Reserve for Municipal Acquistions of Real Property
would be directed for use by Council to purchase properties which would improve
the Town's real property holdings and therby assist in fulfilling the Town' s
long range acquistion programs.
Respectfully submitted,
C-c,-- w-
Kathryn A. Campbell , C.A. , B.Com. ,
Treasurer
27 10 81
R81-FS-6(L)
The Corporation of the Town of Newcastle
By-Law No. 81- 184
being a by-law to establish a Reserve for
Municipal Acquistions of Real Property
WHEREAS the Council of the Corporation of the Town of Newcastle considers it
desirable to establish a reserve for the purpose of providing funds for the
Municipal Acquistions of Real Property.
AND WHEREAS Section 308 (1) of The Municipal Act, R. S.O. 1970, as amended,
provides, that "every Municipality 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 unsurveyed territory may in each year provide in the estimates for the
establishment or maintenance of a Reserve Iund for any purpose for which it has
authority to spend funds:
NOW THEREFORE BE IT ENACTED AND IT 1S LNACILD AS A BY-LAW OF THE CORPORATION
OF THE TOWN OF NEWCASTLE AS FOLLOWS:-
1 . That the Treasurer is authorized to establish a reserve
entitled Reserve for Municipal Acquistions of Real Property.
2. That the proceeds of sale of municipal real property except
where prohibited statute or where the monies are specifically
designated to another use be an addition to the reserve.
3. That the Council may by resolution passed by a majority of
members present direct the use of the funds for specific
projects .
4. That Council may by by-law direct the use of the funds for
any other purpose for which it has the authority to spend
monies.
BY-LAW READ a first and seconed time this 16th Jay of November 1981 .
BY-LAW READ a third and final time this 16th day of November 1981.
G.B. Rickard
Mayor -- ---
Seal
D.W.Oakes
Town Clerk ��