HomeMy WebLinkAboutKIN 83 4556 Establish Rsrv Fund
.
.
THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW NO. 4556
A BY-LAW TO ESTABLISH RESERVE FUNDS AND
CREATE A CONSOLIDATED RESERVE FUND ACCOUNT
WHEREAS Section 165(1) of the Municipal Act, R.S.O.
1980, Chapter 302, provides that a municipality may establish
and maintain a reserve fund for any purpose for which it has
authority to spend funds;
AND WHEREAS Section 165(3) of the Municipal Act
states that a council may create a consolidated account in which
may be deposited the moneys raised for all reserve funds but which
account shall be so kept that it will be possible to determine
therefrom the true state of each reserve fund;
NOW THEREFORE the Council of the Corporation of the
Town of Kincardine ENACTS as follows:
1.
The following reserve funds are hereby established:
(i) The Cemetery Land Reserve Fund
(ii) The Library Reserve Fund
(iii)The Capital Expenditure Reserve Fund
(iv) The Sewer Debenture Reserve Fund
(v) The Parking Reserve Fund
(vi) Industrial Development Reserve Fund
A consolidated account is hereby created in which the moneys
raised for the reserve funds established by Section 1 shall
be deposited, and said consolidated account shall be so kept
that it will be possible to determine therefrom the true state
of each reserve fund.
2.
3.
If Council should deem it adviseable, moneys raised for a
reserve fund established by Section 1 may be expended, pledged
or applied to a purpose other than that for which the fund was
established.
This By-law shall come into force and take effect on the date
of its final passing.
Read a FIRST and SECOND time this 15 day of September. 1983.
4.
~~~
.;;;~ 7q~
Cler
READ a THIRD time and FINALLY PASSED this 6th
1983.
day of Octbbe~;~,
~
c~~m
:/
j~
-
Mayor
-
"