HomeMy WebLinkAboutTIV 76 011 Establish a Reserve
THE CORPORATION OF THE VILLAGE OF TIVERTON
BY-LAW # 76-11
A By-law of the Corporation of the Village of
Tiverton to establish a Reserve Fund as
authorized by the Municipal Act, R.S.O. 1970,
Chapter 284, section 309.
WHEREAS contributions are received by the Corporation of the
Village of Tiverton in consideration of the expense incurred
or to be incurred by the Corporation as a result of a
proposed subdivision of land, such contribution shall be used
only to meet expenditures for work done within the subdivision
or to meet expenditures incurred wholly or in part by reason
of the subdivision of such land and, where a contribution is
made for a specific purpose, it may be used only to meet
expenditures for such purpose,
AND WHEREAS such contributions shall be paid into a special
bank account;
NOW THEREFORE the Council of the Corporation of the Village
of Tiverton enacts as follows:
1. Such contribution shall be paid as agreed between the
subdivider and the Corporation in accordance with the
schedule of fees set forth in Schedule "A" of this
By-law.
2. Such funds shall be used for the purposes set out in
Section 309 (1) of the Municipal Act.
3. Notwithstanding the foregoing, if any of the contributions
received are, in the opinion of Council, not required or
likely to be required for the said purposes, the contributions
may, if authorized by a two thirds vote of the members of
Council be expended for some other puroose.
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READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED in Open
Council this twenty-fourth day of August 1976
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Reeve
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Schedule "A" to By-Law No. 76-ll
RESERVE FUND CONTRIBUTION FEES ON LOTS TO BE SUBDIVIDED
Fee per lot created
$500.00
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