HomeMy Public PortalAbout954-09 RESERVE FUND (WARD 1)
RESERVE FUND BY-LAW
BY-LAW # 954-09
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The Council of The Town of Sussex, under authority vested in it by Section 90 of
the Municipalities Act, enacts as follows:
1. TITLE
This by-law may be cited as the Reserve Fund By-Law.
2. PURPOSE
The purpose of this by-law is to establish the following Reserve Funds:
General Operating Reserve Fund
General Capital Reserve fund
Utility Operating Reserve Fund
Utility Capital Reserve Fund.
3. MANAGEMENT, CONTRIBUTION AND DISBURSEMENT
The management, contributions and disbursement to and from the reserve
funds will be as per Sections 189 and 192 of the Municipalities Act.
4. PLURAL OR FEMININE TERMS
Plural or feminine terms may apply whenever the singular, masculine or
feminine is used in this by-law. It shall be considered as if the plural,
feminine or masculine has been used where the context of the party or
parties hereto so requires.
Town of Sussex
By-Law # 954-09
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5. VALIDITY
The invalidity of any section, clause, sentence or provision of this by-law
shall not affect the validity of any other part of this by-law which can be
given effect without such invalid part or parts.
6. REPEAL
(1) A by-law entitled “By-law # 954-98, A By-law Respecting the
Establishment of Reserve Funds” enacted on August 17, 1998 and
amendments thereto are hereby repealed.
(2) The repeal of “A By-law Respecting the Establishment of Reserve
Funds”, By-law # 954-98 shall not affect any penalty, forfeiture or
liability, incurred before such repeal or any proceeding for enforcing
the same completed or pending at the time of repeal, nor shall it
repeal, defeat, disturb, invalidate or prejudicially affect any matter of
thing whatsoever completed, existing or pending at the time of repeal.
READ FIRST TIME BY TITLE: JANUARY 19, 2009
READ SECOND TIME BY TITLE: JANUARY 19, 2009
READ IN ENTIRETY: FEBRUARY 16, 2009
READ THIRD TIME BY TITLE
AND ENACTED: FEBRUARY 16, 2009
PAUL I. MAGUIRE RALPH A. CARR
TOWN CLERK MAYOR