1992-051 Oro
THE CORPORATION OF THE TOWNSHIP OF ORO
BY-LAW NO. 92-51
A BY-LAW TO ESTABLISH A RESERVE FUND.
WHEREAS, The Municipal Act, R. S. O. 1980 authorizes every
municipality or any of its local boards each year to provide
in the estimates for the establishment of a reserve fund;
NOW THEREFORE the Council of the corporation of the Township
of Oro enacts as follows:
1. That a reserve fund be established and maintained for the
Development Charge Fees;
2. That the Development Charge Fee be deposited in a special
bank account designated "Development Charge Reserve Fund"
on or before the thirty-first day of December in that
year and may be invested in such securities as a Trustee
may invest under the Trustee Act, and the earnings
derived from the investment of such money shall form part
of the Reserve Fundi
3. That the money raised for the said Reserve Fund shall not
be expended, pledged or applied for any purpose other
than that for which the fund was established unless duly
authorized by the By-law;
4. That the auditor in his annual report shall report on the
activities and position of the said Reserve Fund;
5. That this By-law shall come into force and take effect on
the date the Development Charge By-law came into effect.
BY-LAW READ A FIRST AND SECOND TIME THIS 17TH DAY OF JUNE,
1992.
BY-LAW READ A THIRD AND FINAL TIME AND FINALLY PASSED THIS
17TH DAY OF JUNE, 1992.
THE CORPORATION OF THE TOWNSHIP OF ORO
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Alerk Darlene Shoebridge - ..