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HomeMy WebLinkAboutTR-60-82 CORPORATION OF THE TOWN OF NEWCASTLE `' "' 40 TEMPERANCE STREET BOWMANVILLE, ONTARIO o L1C3A6 TELEPHONE 623-3379 REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MEETING HELD OCTOBER 12, 1982. TR-60-82 SUBJECT: ESTABLISHMENT OF A BOWMANVILLE MUSEUM DEVELOPMENT RESERVE FUND RECOMMENDATION: It is respectfully recommnded that: 1 . ,This report be received; and 2. That the attached by-law establishing the Bowmanville Museum Development Reserve Fund be approved and forwarded to Council ; and 3. That the Bowmanville Museum located on Silver Street, Bowmanville Ontario be informed of the actions of the Committe and Council . BACKGROUND AND COMMENT: Subsequent to a request by the Bowmanville Museum Board ( letter attached) and other communications (attached) , we bring this matter to Committee' s attention as the establishment of reserve funds require the approval of Council . The attached correspondence gives the reasoning for the establishment of the reserve fund, in the opinion of the Board, and we have incorporated these terms in the by-law. Staff can see no reason why these funds cannot be set aside in a reserve fund as requested by the Board. Respectfully submitted, j,� Kathryn A. Campbell , C.A. , B.Com. , Treasurer. KAC.gf 04 10 82 LB82-MS-1 The Corporation of the Town of Newcastle By-Law 82- 146 Being a By-Law to establish a Reserve Fund for the Bowmanville Museum Development Fund. WHEREAS, the Councill of the Corporation of the Town of Newcastle considers it desirable to establish a reserve fund for the purpose of providing funds for the Development Fund of the Bowmanville Museum Development. AND WHEREAS, Chapter 302, Section 165(1 ) of the Municipal Act RSO 1980 provides, that, "Every municipality as defined in the Muncipal 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 the behalf of a local board, the approval of the council of provision in the estimates of the local board for a reserve fund shall be obtained. 1976,c.69,s.7(1) . NOW THEREFORE, BE IT ENACTED and it is ENACTED as a By-Law of the Corporation " of the Town of Newcastle as follows: i 1 . That the Treasurer be authorized to establish a reserve fund entitled "Bowmanville Museum Development Reserve Fund." 2. That such funds be held in an account at the Bowmanville Canadian Imperial Bank of Commerce and also, such funds are permitted to be placed in short term deposit receipts of the Canadian Imperial Bank of Commerce in amounts and for such terms as the Board deems advisable, predicated on the projected usage of development purposes. 3. That the additions to this fund are net revenues and donations, one of which will be a former Town of Bowmanville debenture of $10,000 due October 1st, 1982, as these monies having originally derived from a donation by Mrs. Williams. 4. That the uses of this fund be for the development of the Museum collections and facilities. 5. That Council may by resolution passed by a majority of the members present direct the use of funds for specific projects relating to the Bowmanville Museum. . . . . . 2 2 - By-Law 82- 6. That Council may by By-Law direct the use of funds for any other purpose for which it has authority to spend monies. BY-LAW READ a FIRST and SECOND time this 180 day of October, 1982. BY-LAW READ a THIRD and FINAL time this 18th day of October, 1982. G.B. Rickard Mayor seal D.W. Oakes Town Clerk k� CORPORATION OF THE TOWN OF NEWCASTLE zs� a,- i 40 TEMPERANCE STREET �Y BOWMANVILLE, ONTARIO L1C3A6 TELEPHONE 62 3379 September 17, 1982 Mrs. Olive Cobban, Chairperson Bowmanville Museum Board of Management P.O. Box 188 Bowmanville, Ontario L1C 3K9 Dear Olive: Re: Request to designate certain funds as a "Development Fund" Further to your request as mentioned above, please be advised that I will be happy to forward this request to G.P.A. Committee. However, before a report can be drafted with a recommendation for approval , I will need some information. The information required includes: (1) A formal request in writing received by my office; and (2) The exact reference used from the regulations as they relate to museums which allows for the establishment of such a fund; and (3) The sources of funds for additions to this fund in the future; and (4) The uses of the funds in the future; and (5) The account number and the name of the bank at which these funds are to be held. These items can all then be incorporated into a bylaw or resolution establishing the fund and it perameters. An early reply would be greatly appreciated. Yours truly, Kathryn A. Campbell , C.A. , B.Com. , KAC:gf Treasurer. m 0owmanville Museum SILVER AND WELLINGTON STREETS ROW24ANVILLE - ONTARIO "Vestigia Artium Antiquarum Servemus" September 22, 1982 Kathryn A. Campbell, C.A. , B.Com. Treasurer Corporation of the Town of Newcastle 40 Temperance St. Bowmanville, Ont. Dear Kathryn: Re : Request to designate certain funds as a "Development Fund" With reference to your letter dated September 17th, the Board of Directors of Bowmanville Museum respectfully requests that a Museum Development Fund be established, in accordance with The Corporation of the Town of Newcastle By-Law 79-67, Chapter 15. The above-mentioned By-Law was passed under the provisions of The Municipal Act (R.S.O. 1980) . The chapter and section thereof, relating to Museums and specifically to Museum Development Funds, is not available to this Board. A copy of the Act is presumably in your files, and we request your indulgence in this matter. As stated in the By-Law, the sources of monies for the Fund are donations and net revenues, if any. Private donations are dealt with in the by-law, and in this regard it would seem that the proceeds of redemption of the $10,000. Town of Bowmanville debenture on October 1/82 would be eligible for this Fund, these monies having originally derived from a donation by Mrs. Williams, who gave the museum property to the town. Please consider also the eligibility for this Fund of the capital grant made to the museum by the Town of Newcastle in 1981. The Fund would be used for museum development projects, as stated in the by-law, and we take this to apply to any outlay of a capital nature, which would include additions to the permanent coll- ection of the museum. The Museum does not at present have a bank account. Upon establishment of the Fund, an account would be opened at Canadian THE TRADES AND CRAFTS OF BOWMANVILLE AND DISTRICT BEFORE 1900 /+ P page 2 Kathryn A. Campbell, C.A. , B.Com. Imperial Bank of Commerce, King and Temperance Sts. , Bowmanville, Ont. It would be advantageous if the resolution establishing the Fund would permit the placing of funds in short term deposit receipts of Canadian Imperial Bank of Commerce, in amounts and for such terms as the Board deems advisable, predicated on the projected usage for development purposes. Thank you for your kind assistance in this matter. Yours truly Olive Cobban, Chairperson Board of Directors, Bowmanville Museum