HomeMy WebLinkAbout02 100 kedf, mar launch
THE CORPORATION OF THE MUNICIPALITY OF KINC INE
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BY-LAW
NO. 2002 -100
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BEING A BYLAW TO ESTABLISH RESERVE ~UNDS
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WHEREAS the Municipal Act R.S.O. 1990 Chapter 45, S~ction 163
provides that a municipality may establish and maintain a reserve fund for
any purpose for which it has authority to spend funds; j
AND WHEREAS the Council for the Corporation of the M nicipality of
Kincardine wishes to establish new reserve funds;
NOW THEREFORE the Council for the Corporation of the Municipality of
Kincardine ENACTS as follows:
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1. That the following reserve funds be established:
"Building Reserve Fund". This reserve fund shall b~ used to
accumulate monies to be used for capital repairs and i\"provements to
municipally owned buildings. !
"Kincardine Economic Development Fund Reserv Fund "(KEDF).
This reserve fund shall be used to accumulate 50% of he net proceeds
from the sale of surplus municipal lands. It shall be us d to fund
economic development projects which have a direct or indirect
economic return to the community.
"Kincardine Marina Launch Ramp Reserve Fund" .~ThiS reserve
fund shall be used to accumulate monies to be used f r
repairs/improvements to the Kincardine Marina Launc Ramp and
dredging required for the use of the ramp. I
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"Future Employment Costs Reserve Fund". This re erve fund shall
be used to accumulate monies originally included in th 2002 as the
municipality's share of 2002 OMERS payments. It sh II be used to
fund future employment costs such as, but not limited o,OMERS
contributions.
2. If Council should deem it advisable, they may by moti n reallocate any
monies in the reserve funds in Section 1 to be expend d, pledged or
applied to a purpose other than for which the reserve f nd was
established.
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The Building, Kincardine Economic Development Fun ,
Kincardine Marina Launch Ramp and Future Employment Costs
Reserve Fund By-Law
By-Law No. 2002-100
Page 2 of2 I
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3. This by-law shall come into full force and effect upon i~ final passage.
4. This by-law may be cited as the "Kincardine Building, JEDF,
Kincardine Marina Launch Ramp and Future EmpIOy~~ent Costs
Reserve Fund By-law". .
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READ a FIRST, SECOND and THIRD time and DEEMEq TO BE
PASSED this 10th day of July, 2002. I
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