HomeMy WebLinkAboutTIV 97 006 estab reserve funds
--·~t~,,_;<-
~-
"-
THE CORPORATION OF THE VILLAGE OF TIVERTON
BY-LAW NUMBER 97-6
A BY-LAW TO AUTHORIZE THE ESTABLISHMENT OF RESERVE FUNDS.
WHEREAS Section 163 of the Municipal Act, Chapter 45, R.S.O.,
1990 provides authority for municipalities to establish and
maintain reserve funds, by providing in their estimates each
year amounts for that purpose as may be approved by Council,
and
.
WHEREAS the Council of the Corporation of the Village of
Tiverton is desirous of granting its approval for the
establishment of Reserve Funds for specific purposes.
NOW THEREFORE the Council of the Corporation of the Village
of Tiverton enact as follows:
1. That approval be and 1S hereby granted for the
establishment of the following Reserve Funds:
(a) Sidewalks;
(b) Storm Sewers;
(c) Street lights;
(d) Sanitary Sewer System;
(e) Water System;
(f) Tiverton Community Centre and Annex;
(g) Development Charges
2. That the moneys raised for the reserve fund under
Subsection (1) be paid into a consolidated account
which shall be so kept that it will be possible to
determine there from the true state of each reserve
fund and which may be invested in such securities
as a trustee may invest in under the Trustees Act,
and the earnings derived from the investment of such
moneys shall form part of the reserve fund.
3. That the moneys raised for the reserve funds established
under Subsection (1) may not be expended, pledged or
applied to a purpose other than that for which the fund
was established without first obtaining approval to do
so by by-law of the Council.
4. That the auditor in his annual report shall report on
the activities and position of each reserve fund
established under Subsection (I),
.
5 .
That This by-law shall come into force and effect upon
final passing thereof.
6. That all by-laws inconsistent with the prOV1S10ns of
this by-law are hereby repealed.
READ A FIRST AND SECOND TIME THIS 22ND DAY OF APRIL, 1997.
READ A THIRD AND FINALLY PASSED THIS 22ND DAY OF APRIL, 1997.
- ~
. II'
- ~
c~/ir dAy
" c! C':"''jrn .
~~u; rV1AA.o
. e -''-:_
- -
, --
_.- -_.
-=
- -..:;
/
:,:>, :. ,-'-
'.~.""
v, ~~
l~·:_·-
-"
--':......
~.",/ -
. -';,....
. '-- ~ .-'
J ..,_