Loading...
HomeMy WebLinkAbout06 277 Establish Reserve Fund . . . . 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. ~k-: -- Mayor