HomeMy WebLinkAbout01 110 tax assess reserve fund
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2001 -110
BEING A BY-LAW TO ESTABLISH A RESERVE FUND
FOR TAX ASSESSMENT APPEALS
WHEREAS Section 163 of the Municipal Act R.S.O. 1990, Chapter M45, provides
that a municipality may establish and maintain a reserve fund for any purpose for
which it has authority to spend funds;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kìncardine ENACTS as follows:
1. That a "Tax Assessment Appeal Reserve Fund" be established to hold
funds received from ratepayers on account of taxes under appeal which
exceed $100,000 until such time as the appeal is settled. Furthermore that
all such funds meeting the above criteria received in 2001 for taxes
currently under appeal be deposited into this Reserve Fund.
2. If Council should deem it advisable, moneys raised for the reserve fund
established by Article 1 may be expended, pledged or applied to a purpose
other than for which the fund was established.
3. This by-law shall come into full force and effect upon its final passage.
4. Thìs by-law may be cited as the "Tax Assessment Appeal Reserve Fund
By-law".
READ a FIRST, SECOND and THIRD time and DEEMED TO BE PASSED this
26th day of September, 2001.
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/lc-f< 7\] Clerk