HomeMy WebLinkAbout05 168 Kin. Healthcare Reserve
e
e
e
e
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
KBT
BY-LAW
NO. 2005 -168
BEING A BYLAW TO ESTABLISH RESERVE FUNDS
(Tax Mitigation Reserve Fund, Kincardine Health Care Reserve Fund)
WHEREAS the Municipal Act, 2001, 5.0. 2001, Chapter 25, Section 417
provides that a municipality may establish and maintain a reserve fund for any
purpose for which it has authority to spend funds;
AND WHEREAS the Council for the Corporation of the Municipality of Kincardine
wishes to establish new reserve funds;
NOW THEREFORE the Council for the Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That the following reserve funds be established:
"Tax Mitigation Reserve Fund" This reserve fund shall be used to
accumulate monies to be used to mitigate what would otherwise be an
unusually high increase in the year over year tax rate. The increase in
the tax rate would generally be the result of, but is not limited to, a
single year unusually large operating or capital expenditure
requirement and/or substantial reductions in revenues.
"Kincardine Healthcare Reserve Fund" This reserve fund shall be
used to accumulate monies to provide for the healthcare needs of the
residents of the municipality. It is intended to fund capital building and
equipment requirements of facilities for the benefit of all residents of
the Municipality of Kincardine as well as expenditures related to the
attraction and retention of doctors servicing the needs of all residents
within the Municipality of Kincardine.
2.
If Council should deem it advisable, they may by by-law, reallocate any
monies in the reserve funds in Section 1 to be spent, pledged or applied to
a purpose other than for which the reserve fund was established.
3.
This by-law shall come into full force and effect upon its final passage.
This by-law may be cited as the "Tax Mitigation, Kincardine Healthcare
Reserve Funds By-law".
4.
READ a FIRST, SECOND and THIRD time and DEEMED TO BE PASSED this
19th day of October, 2005.
ß1~. æ ~
Mayor .
Clerk