HomeMy WebLinkAbout05 194 Sewer & Water Reserve
THE CORPORATION OF THE MUNICIPALITY OF KlNCARDINE
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II.
BY-LAW
NO. 2005 -194
BEING A BYLAW TO ESTABLISH RESERVE FUNDS
(Sewer Reserve Fund, Water Reserve Fund)
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WHEREAS the Municipal Act, 2001, S.O. 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:
"Sewer Reserve Fund" This reserve fund shall be used to fund some or all
capital works carried out in 2006 and beyond on any Sewer system within the
municipality. Furthermore, that any operating surplus or deficit produced by
the Sewer operating budget be transferred to or taken from this reserve fund
for the year 2005 and each year thereafter.
"Water Reserve Fund" This reserve fund shall be used to fund some or all
capital works carried out in 2006 and beyond on any portion of the water
systems serviced by the Kincardine Water Treatment Plant, Scott's Point Well
or Underwood Well. Furthermore, that any operating surplus or deficit
produced by the water operating budget for these systems be transferred to
or taken from this reserve fund for the year 2005 and each year thereafter.
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5.
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.
This by-law shall supercede any previous by-law inconsistent with the provisions
contained herein.
This by-law shall come into full force and effect upon its final passage.
This by-law may be cited as the "2006 Sewer and Water Reserve Funds By-Iaw-
2006".
READ a FIRST, SECOND and THIRD time and FINALLY PASSED this 21s, day of
December, 2005.
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