HomeMy WebLinkAboutKIN 94 032 Equip Reserve Fund
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THE CORPORATION OF THE TOWN OF KINCARDINE
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BY-LAW
BY-LAW NO. 1994-32
BEING A BY-LAW TO ESTABLISH AN EQUIPMENT
REPLACEMENT RESERVE FUND
WHEREAS Section 163(1) of the Municipal Act, R.S.O. 1990,
Chapter m.45 , provides that a municipality may establish
and maintain a reserve fund for any purpose which it has
authority to spend funds;
AND WHEREAS the Council for The Corporation of the Town of
Kincardine deems it expedient to establish an equipment
replacement reserve fund for the purpose of replacing
vehicles and equipment;
NOW THEREFORE the Council for The Corporation of the Town
of Kincardine ENACTS as follows:
1. That a reserve fund be hereby established and called
the "Equipment Replacement Reserve Fund".
2. That money in the Equipment Replacement Reserve Fund
is hereby designated for the purpose of purchasing and
replacing equipment and vehicles required by the Town
of Kincardine.
3.
That money may be raised by the Council for The
Corporation of the Town of Kincardine within its
annual operating and capital budgets to replenish
and/or maintain the Equipment Replacement Reserve
Fund.
4. This By-law shall come into force and effect on the
date of its final passage.
5. This By-law may be cited as the "Equipment Replacement
Reserve Fund By-law."
READ a FIRST, SECOND AND THIRD TIME this 2nd day of May,
1994.
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Mayor
Clerk