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HomeMy WebLinkAbout99 074 Est. Reserve Funds I / I / / I I V -. . . . THE CORPORATION OF TIlE TOWNSHIP OF KlNCARDINE-BRUCE-TIVERTON BY-LAW NO. 1999 -74 A BY-LAW TO ESTABLISH RESERVES AND RESERVE FUNDS WHEREAS Section 163 of the Municipal Act R.S.O. 1990, Chapter M45, provides that a municipality may establish and maintain a reserve fund for any purpose for which it hasauthority to spend funds; NOW THEREFORE the Council for The Corporation of the Township of Kincardine-Bruce- Tiverton ENACTS as follows: 1. That the following reserve funds be established: "Kincardine Sanitary & Storm Sewers Reserve Fund" to be used to fund some or all sanitary or storm sewer capital works that will be done in the area serviced by the old Town of Kincardine sanitary & sewer system. Furthermore, that the balance of funds presently in the Ward 1 Sanitary Sewer Expenditure Reserve Fund be transferred to this new reserve fund and that any operating surplus or deficit produced by the "Kincardine Sewers" budget (411) be transferred to or taken from this reserve at the end of each year. "Tiverton Sanitary & Storm Sewers Reserve Fund" to be used to fund some or all sanitary or storm sewer capital works that will be done in the area known as the Village of Tiverton. Furthermore, that the balance of funds presently in the Tiverton Sanitary & Storm Reserve be transferred to this new reserve fund and that any operating surplus or deficit produced by the "Tiverton Sewers" budget (412) be transferred to or taken from this reserve at the end of each year. "Inverhuron South Sewers Reserve Fund" to be used to fund some or all sanitary or storm sewer capital works that will be done in the area known as Inverhuron. Furthermore, that the balance of funds presently in the Inverhuron Sewer Reserve Fund be transferred to this new reserve fund and that any operating surplus or deficit produced by the "Inverhuron Sewers" budget (413) be transferred to or taken from this reserve at the end of each year. "Kincardine Water Reserve Fund" to be used to fund some or all water capital works that will be done in the area services by the old Town of Kincardine water system. Furthermore, that the balance of funds presently in the Ward 1 - Waterworks Capital Reserve Fund be transferred to this new reserve fund and that any operating surplus or deficit produced by the "Kincardine Water System" budget (425) be transferred to or taken from this reserve at the end of each year. .. ./2 II' By-Law 1999 - 74 Establishing Reserves and Reserve Funds By-Law Page 2 of 3 "Tiverton Water Reserve Fund" to be used to fund some or all water capital works that will be done in the area known as the Village of Tiverton. Furthermore, that the balance of funds presently in the Tiverton Waterworks Reserve be transferred to this new reserve fund and that any operating surplus or deficit produced by the "Tiverton Water System" budget (426) be transferred to or taken from this reserve at the end of each year. "Underwood Water Reserve Fund" to be used to fund some or all water capital works that will be done in the area known as Underwood. Furthermore, that any operating surplus or deficit produced by the "Underwood Water System" budget (427) be transferred to or taken from this reserve at the end of each year. . "Scott Point Water Reserve Fund" to be used to fund some or all water capital works that will be done in the area known as Scott Point. Furthermore, that any operating surplus or deficit produced by the "Scott Point Water System" budget (428) be transferred to or taken from this reserve at the end of each year. "Arm ow Landfill Reserve Fund" to be used to fund some or all landfill capital works that will be done at the Armow landfill site. Furthermore, that any operating surplus or deficit that may be produced by the "Arm ow Landfill Site" budget (442) be transferred to or taken from this reserve at the end of each year. "Bruce Landfill Reserve Fund" to be used to fund some or all landfill capital works that will be done at the Bruce landfill site. Furthermore, that any operating surplus or deficit that may be produced by the "Bruce Landfill Site" budget (443) be transferred to or taken from this reserve at the end of each year. . "Paisley Fire Department Capital Reserve Fund" to be used to fund some or all capital works that will be done for the Paisley Fire Department. "Kincardine Cemetery Capital Reserve Fund" to be used to fund some or all capital works that will be done at the Kincardine Cemetery. Furthermore, that the balance of funds presently in the Ward 1 - Cemetery Land Reserve Fund be transferred to this new reserve fund. "Tiverton Cemetery Capital Reserve Fund" to be used to fund some or all capital works that will be done for the Tiverton Cemetery. "Port Bruce Cemetery Capital Reserve Fund" to be used to fund some or all capital works that will be done for the Port Bruce Cemetery. "Equipment Replacement Reserve Fund" to be used to fund some or all equipment replacement needed by the new municipality. "Roads Expenditure Reserve Fund" to be used to fund some or all roads capital projects that will be done for the new municipality. .' ...3 ~ . 2. 3. 4. .' .. By-Law 1999 - 74 Establishing Reserves and Reserve Funds By-Law Page 3 of 3 "Parkland Trust Reserve Fund" to be used to fund some or all parks capital projects that will be done for the new municipality. "Tiverton Community Centre Reserve Fund" to be used to fund some or all of the capital projects that will be done for the Tiverton Community Centre. Furthermore, that $8,000 from the Ward 3 - Parkland Trust reserve Fund be transferred to the Tiverton Community Centre Reserve Fund. "Planning Reserve" to be used to fund some or all planning projects that will be done for the new municipality. "Tiverton Cemetery Monument Reserve" to be used to fund some or all current monument restoration that will be done at the Tiverton cemetery. If Council should deem it advisable, moneys raised for a reserve or a reserve fund established by Article 1 may be expended, pledged or applied to a purpose other than for which the fund was established. This by-law shall come into full force and effect upon its final passage. This by-law may be cited as the "Establishing Reserve and Reserve Funds By-law June, 1999". READ a FIRST and SECOND time this 16th day of June, 1999. READ a THIRD time and FINALLY PASSED this 7th day of July, 1999. /~~ 3