HomeMy WebLinkAboutKIN 97 062 Est. Reserve Funds
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THE CORPORA TION OF THE TOWN OF KINCARDINE
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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.
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Page 2
By-law No. 1997- 62
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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.
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Clerk
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