By-law to establish and maintain Reserve and Reserve Funds

BY-LAW Number: 
2017-060
Summary: 

BEING A BY-LAW TO ESTABLISH AND MAINTAIN RESERVE AND RESERVE FUNDS

NOTICE:

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BL2017-060 Establish reserve and reserve funds .pdf260.33 KB
WHEREAS section 5(3) oftheMunicipalAct,2001,S.O.2001c.25,asamended,provides that a municipal power shall be exercised by by-law;
 
ANDWHEREAS section 417 of the Municipal Act, 2001, S.O. 2001, c. 25, as amended, allows a municipality to provide for the establishment or maintenance of reserve funds for any purpose for which it has the authority to spend money;
 
ANDWHEREAS the Town of Collingwood is operating a number of Reserve and Reserve Funds;
 
ANDWHEREAS the authority for such Reserve and Reserve Funds and the purpose for which they are established is to be clear in all cases;
 
ANDWHEREAS it is deemed expedient to consolidate the authority for all Reserve and Reserve Funds into one by-law;
 
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNOF COLLINGWOODHEREBYENACTSASFOLLOWS:
 
1.    THAT the separate and distinct Reserves as set out in Schedule “A” attached are hereby ratified and confirmed as Reserves of the Municipality under section 5(3) of the Municipal Act, 2001, S.O. 2001, c.25;
 
2.    THAT the separate and distinct Reserve Funds as set out in Schedule “B” are hereby ratified and confirmed as Reserve Funds of the Municipality under the provisions of section 417 of the Municipal Act, 2001, S.O. 2001, c.25;
 
3.    THAT the following by-laws be hereby repealed:
  • By-Law No. 2010-129, being a by-law to provide for the establishment of a Reserve Fund known as the Land Acquisition Reserve Fund;
  • By-Law No. 2010-130, being a by-law to provide for the establishment of a Reserve Fund known as the 10% Non DC Growth Reserve Fund;
  • By-Law No. 2010-131, being a by-law to provide for the establishment of a Reserve Fund known as the Lifecycle Replacement Reserve Fund;
  • By-Law No. 2010-131, being a by-law to provide for the establishment of a Reserve Fund known as the Tax Rate Stabilization Reserve Fund.
4.    THAT the Treasurer of the Corporation of the Town of Collingwood is hereby authorized to subdivide a Reserve Fund into separate components for accounting purposes;
 
5.    THAT this By-law shall come into full force and effect on the date of final passage hereof at which time all By-laws and/or resolutions that are inconsistent with the provisions of this By-law and the same are hereby repealed or rescinded insofar as it is necessary to give effect to the provisions of this By-law.
 
ENACTED AND PASSED this 21st day of August, 2017.
 
___________________________
MAYOR
 
 
___________________________
CLERK
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BL2017-060 Establish reserve and reserve funds .pdf260.33 KB