HomeMy WebLinkAbout07 038 Federal Gas Tax Revenues Reserve Fund By-law
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2007 - 038
BEING A BY -LAW TO ESTABLISH A RESERVE FUND
(Federal Gas Tax Revenues Reserve Fund)
WHEREAS Section 8 (1) of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provides that the powers of a municipality under this or any other Act
shall be interpreted broadly so as to confer broad authority on the municipality to
enable the municipality to govern its affairs as it considers appropriate and to
enhance the municipality's ability to respond to municipal issues
AND WHEREAS pursuant to the said Municipal Act, Section 9 provides that a
municipality has the capacity, rights, powers and privileges of a natural person
for the purpose of exercising its authority under this or any other Act;
AND WHEREAS the Council for The Corporation of the Municipality of
Kincardine wishes to establish a new reserve fund in order to assist in its
compliance with the Federal Gas Tax Municipal Funding Agreement entered into
with the Association of the Municipalities of Ontario (AMO) by holding unspent
funds in a separate fund;
NOW THEREFORE the Council for the Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That the "Federal Gas Tax Revenues Reserve Fund" be established as
of December 31, 2006. All monies received as a result of its Municipal
Funding Agreement with AMO shall be deposited into this Reserve Fund.
2.
Revenues deposited into the Reserve Fund together with interest earned
on funds accumulated in the Reserve Fund shall only be expended on
projects approved by Council and meeting the requirements of the Federal
Gas Tax Program criteria as reported to AMO by way of a Schedule C to
the Municipal Funding Agreement.
3. The Reserve Fund shall be considered an obligatory reserve fund.
4. This by-law shall come into full force and effect upon its final passage.
5. This by-law may be cited as the "Federal Gas Tax Revenues Reserve
Fund By-law".
READ a FIRST, SECOND and THIRD time and FINALLY PASSED this 4th day
of April, 2007.