HomeMy WebLinkAbout15 129 Community Benefits Reserve Fund By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
410 KBT,
, 170/4LJTYOF
BY -LAW
NO. 2015 -129
BEING A BY -LAW TO ESTABLISH A RESERVE FUND
(Community Benefit Reserve Fund)
WHEREAS pursuant to the Municipal Act, 2001, S.O. 2001, c. 25, Section 8 (1)
and 9 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 said Municipal Act, Section 290 4(g) provides that a
municipality may in preparing the budget for a year provide for such reserve funds
as the municipality considers necessary;
AND WHEREAS on May 21, 2014, Council passed By -law No. 2014 -080, the
"Development Agreement and Road Use Agreement with SP Armow Wind
Ontario LP" which included terms for SP Armow to make annual financial
contributions to the Municipality of Kincardine and Section 12.1 of said agreement
outlined the establishment of a Community Benefits Reserve Fund;
AND WHEREAS the Council of The Corporation of the Municipality of Kincardine
wishes to establish a new reserve fund to hold the annual payments received
under the above noted agreement and per Report THE 2015 -14;
NOW THEREFORE the Council of The Corporation of the Municipality of
• Kincardine ENACTS as follows:
1. That the "Community Benefits Reserve Fund" be established and that this
reserve fund shall be used as per the terms in By -law No. 2014 -080, the
"Development Agreement and Road Use Agreement with SP Armow Wind
Ontario LP ".
2. That the annual financial contributions to the Municipality from SP Armow
Wind Ontario LP per the above noted agreement be deposited into the
"Community Benefits Reserve Fund ".
3. That funding for municipal projects from the Community Benefits Reserve
Fund be determined during the annual budget process.
4. This by -law shall come into full force and effect upon its final passage.
5. This by -law may be cited as the "Community Benefits Reserve Fund By-
law".
• READ a FIRST and SECOND TIME this 16th day of September, 2015.
READ a THIRD TIME and FINALLY PASSED this 16th day of September, 2015.
Mayor Clerk