HomeMy WebLinkAbout17 142 Asset Transfer Policy By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY-LAW
NO. 2017 - 142
BEING A BY-LAW TO ADOPT AN ASSET TRANSFER POLICY FOR THE
MUNICIPALITY OF KINCARDINE
WHEREAS pursuant to the Municipal Act 2001, S.O. 2001, c.25, as amended
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 Municipality of Kincardine deems it necessary to address
tangible asset transfers to corporations as required by paragraph 1 of section 7 of
Ontario Regulation 599/06;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. This by-law constitutes the asset transfer policy of the Council of the
Corporation of the Municipality of Kincardine as required by paragraph
1 section 7 of Ontario Regulation 599/06;
2. In this by-law the following terms have the following meanings:
ASSET includes real property, personal property, equipment, goods,
capital shares in corporations, rights and grants of money, contracts,
• permits, licences and similar regulatory authorizations, and goodwill;
AUDITED NET BOOK VALUE means the net difference between the
assets and liabilities on the audited financial statements, without
adjustment for goodwill or premiums that might be paid for the asset if it
were to be exposed to the full market for sale;
CORPORATION includes a corporation established by the Municipality
pursuant to the Municipal Act, including a municipal services
corporation;
MUNICIPAL ACT means the Municipal Act, 2001, S.O. 2001, C.25, as
amended or replaced from time to time;
REGULATION means Ontario Regulation 599/06, made pursuant to the
Municipal Act, as amended or replaced from time to time; and
TRANSFER means assign or convey.
• 3. The Municipality may, from time to time, Transfer Assets to
Corporations, including in accordance with the provisions of the
Regulation.
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Asset Management Policy By-law
By-law No. 2017 - 142
4. The Municipality may attach conditions to the Transfer of an Asset to a
• Corporation including a purchase price for the Asset to be paid or owed
to the Municipality by the Corporation, what the Corporation may do with
the Asset, under what conditions the Corporation may further Transfer
the Asset, and how the Asset should be disposed of upon the winding-
up, bankruptcy or dissolution of the Corporation.
5. If the Municipality proposes to transfer an Asset, other than a grant, to a
Corporation that is wholly owned by the Municipality, the Asset shall be
transferred to the Corporation at audited net book value and the Chief
Administrative Officer shall provide Council with an estimate of the
audited net book value, prior to the transfer taking place. The net
disposition value will be recorded in the financial and accounting records
of the Municipality.
6. If the Municipality proposes to Transfer any grant to a Corporation, the
Municipality Treasurer shall prepare a statement of the value of such
grant.
• 7. If the Municipality proposes to Transfer an Asset to a Corporation and
the Province of Ontario has contributed funds for the purchase or
improvements of the Asset, then the Municipality shall comply with the
notice and other requirements of the Regulation.
8. If the Municipality proposes to Transfer a right granted to the Municipality
in an agreement with the Province of Ontario, then the Municipality shall
obtain prior consent in compliance with the requirements of the
Regulation.
9. In addition to compliance with the provisions of this by-law, any particular
Transfer of an Asset shall be subject to the approval of the Municipality.
10. This by-law does not apply to transfers of assets between divisions or
departments of the Municipality.
11. This by-law shall become effective upon being passed.
12. This by-law may be cited as the "Asset Transfer Policy By-law".
• READ a FIRST and SECOND TIME this 11th day of October, 2017.
READ a THIRD TIME and FINALLY PASSED this 11th day of October, 2017.
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Mayor Clerk
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