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HomeMy WebLinkAboutKIN 97 062 Est. Reserve Funds e e e e THE CORPORA TION OF THE TOWN OF KINCARDINE ø~~ '..:Iiò ^ If ';-fo~ ) ".'" ·"""/.7"- v ~v BY~LAW BY-LAW NO. 1997-62 A BY-LAW TO ESTABLISH RESERVE FUNDS WHEREAS Section 163 M45, provides that reserve fund for spend funds; of the Municipal Act, R.S.O. a municipality may establish any purpose for which it has 1990, Chapter and maintain a authority to NOW THEREFORE the Council for The Corporation of the Town of Kincardine ENACTS as follows: 1. That the following reserve funds be established: "Flagpole Reserve Fund" in the amount of $10,000 to be funded from the Capital Expenditure Reserve Fund. "Kincardine $343,000 to Reserve Fund. in the amount of "Old" Impost Levies Avenue Reserve Fund" be funded from the "Russell & amount of Expenditure Harbour Parking Lot Reserve Fund" $100,000 to be funded from the Reserve Fund. in the Capital "Broadway Bridge Reserve Fund" in the amount of $418,000 to be funded, $302,000 from the "Old" Impost Levies Reserve Fund and $116,000 from the Capital Expenditure Reserve Fund. "Davidson Centre All-Weather Track Reserve Fund" in the amount of $50,000 to be funded, $20,000 from the Parkland Trust Reserve Fund and $30,000 from the Capital Expenditure Reserve Fund. "Tourism Initiative Reserve $100,000 to be funded from Reserve Fund. in the Capital amount of Expenditure Fund" the "Town Hall Renovation/Restoration Reserve Fund" in the amount of $500,000 to be funded, $100,000 from the Heritage Reserve Fund and $400,000 from the Capital Expenditure Reserve Fund. .. .2 Page 2 By-law No. 1997- 62 . 2. If Council should deem it advisable, moneys raised for a reserve fund established by Article 1 may be expended, pledged or applied to a purpose other than that for which the fund was established. 3. The by-law shall come into full force and effect upon its final passage. 4. This by-law may be cited as the "Establishing Reserve Funds By-law, November, 1997". READ a FIRST and SECOND time this 6th day of November, 1997. READ a THIRD time and finally PASSED this 6th day of November, 1997. . /~~~ a or ~~~ Clerk tit e