HomeMy WebLinkAbout06 277 Establish Reserve Fund
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2006 - 277
BEING A BYLAW TO ESTABLISH A RESERVE FUND
(Ward III Rural Road & Bridges Reserve Fund)
WHEREAS the Municipal Act, 2001, 5.0.2001, c 25, as amended, Section 417
(1), provides that a municipality may provide in its budget for the establishment
and maintenance of a reserve fund for any purpose for which it has authority to
spend money;
AND WHEREAS pursuant to the said Municipal Act, Section 417 (4) provides
that a municipality may by by-law provide that the money raised for a reserve
fund established under subsection (1) may be spent, pledged or applied to a
purpose other than that for which the fund was established;
AND WHEREAS the Council for the Corporation of the Municipality of Kincardine
wishes to establish a new reserve fund to fund the reconstruction of rural roads
and bridges in Ward III, as well as capital expenditures related to drainage
systems in Inverhuron;
NOW THEREFORE the Council for the Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That the "Ward III Rural Road & Bridges Reserve Fund" be
established. This reserve fund shall be used to fund the reconstruction of
rural roads and bridges in Ward III.
2.
That should it be deemed advisable, Council may, by by-law, reallocate
any monies in the "Ward III Rural Road & Bridges Reserve Fund" to be
spent, pledged or applied to a purpose other than for which the reserve
fund has been established, as long as the requirements determined by the
Minister of Municipal Affairs and Housing in the "Minister's Restructuring
Filing Notice" dated January 30, 1998, are met.
3. This by-law shall come into full force and effect upon its final passage.
4. This by-law may be cited as the "Ward III Rural Road & Bridges Reserve
Fund By-law".
READ a FIRST, SECOND and THIRD time and FINALLY PASSED this 4th day
of October, 2006.
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-- Mayor