HomeMy WebLinkAbout13 020 Reserve Fund Closure and Establishment 2013 By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY -LAW
NO. 2013 - 020
BEING A BY -LAW TO CLOSE AND ESTABLISH RESERVE FUNDS
WHEREAS Sections 8 (1) and 9 of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provide 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 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 of The Corporation of the Municipality of Kincardine
established Reserve Funds through various By -laws and Resolutions;
AND WHEREAS recommendations were made regarding various Reserve
Funds in THE 2012 -16;
AND WHEREAS it is deemed necessary to close and modify a number of
Reserve Funds;
NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That the following Reserve Funds be closed:
• Kincardine Sewers Fund Balance (49) be hereby closed, with the balance
transferred to the Municipal Sewer Reserve Fund (67);
Kincardine Water Fund Balance (49) be hereby closed, with the balance
transferred to the Water Reserve Fund (68);
Tiverton Water Fund Balance (49) be hereby closed, with the balance
transferred to the Tiverton Water Capital Reserve Fund (24);
2. That the following discretionary Reserve Funds be established:
"Lifecycle Reserve Fund" to be used for capital and infrastructure
maintenance and replacement;
"Affordable Housing" (Municipal Facilities Fund 15 sub - account) to be
used for future affordable housing projects;
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Reserve Fund Closure and Establishment 2013 By -law
By -law No. 2013 - 020
3. That the following obligatory Reserve Fund be re- established for $117,193
• using funds from the W1 Old Lot Levy fund, with the remaining balance
transferred out of the W1 Industrial Reserve Fund:
"Payment in -lieu of Parking" to be used for managing existing public
parking resources and /or establishing new parking facilities"
4. That this by -law shall come into full force upon its final passage.
5. That this by -law may be cited as the "Reserve Fund Closure and
Establishment 2013 By -law ".
READ a FIRST and SECOND TIME this 21 day of February, 2013.
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i s Mayor Clerk
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READ a THIRD TIME and FINALLY PASSED this 21 day of February, 2013.
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Mayor Clerk
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