1984-024 Medonte
THE CORPORATION OF THE TOWNSHIP OF MEDONTE
BY-LA W NUMBER 84-24
Being a by-law to establish a trust fund for the
purposes of the Ontario Home Renewal Program
WHEREAS the method of accounting for the purposes of the Ontario Home Renewal Program
( hereafter referred to as OHRP ) has been revised to require the establishment of a trust
fund.
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WHEREAS the Minister of the Municipal Affairs and Housing by Ontario Regulation 227/84
filed on April 10, 1984, among other things:
(a) requires the establishment of a trust fund for all momes received under OHRP;
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(b) requires pending the investment of any trust money, the deposit of any OHRP funds
in an interest bearing account with any chartered bank of Canada, any Province of
Ontario Savings Office, any trust company or loan corporation that is registered under
under The Loan and Trust Corporations Act, or in any credit union as defined in The
Credit Unions and Caisses Populaires Act ( refer to section 28 of the Trustees Act ) ;
and
(c) permits investment of any portion of the trust fund, not required for immediate use
for loans to homeowners, in securities mentioned under clauses 26(e), (g) and (h) of
The Trustee Act.
NOW THEREFORE THE Council of the Corporation of the Township of Medonte ENACTS
AS FOLLOWS:
1. That the OHRP reserve fund accounts and records of the municipality be changed
effective January 1, 1985 to give due effect to the operation of the trust fund and
the conduct of the Ontario Home Renewal Program in accordance with the Ontario
Regulation 227/84.
2. That the balance of the OHRP monies In the reserve fund bank account or any other
deposit account be transferred on January 1, 1985, to a new and separate deposit
account to be operated in the Bank as the OHRP trust fund account.
3. That the Head of Council and the Treasurer are hereby authorized to sign on behalf
of the municipality such instruments as the Bank requires for the due operation of
the said Trust deposit account.
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4. That this by-law shall come into force on January 1, 1985.
READ a first and second time this 19th day of December, 1984.
READ a third time and finally passed this 19th day of December, 1984.
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Reeve