HomeMy Public PortalAbout24 A WATER AND SEWER RESERVE FUND (WARD 2)BY-LAW NO. 21, it
A BY-LAW OF THE MUNICIPALITY OF VILLAGE OF SUSSEX CORNER
RESPECTING THE ESTABLISHMENT OF A RESERVE FUND BY-LAW.
The Council of the Municipality of Village of Sussex Corner
duly assembled enacts as follows:
INTERPRETATION
1. In this By -Law "RESERVE FUND" means a Capital Fund Reserve.
RESERVE FUND
2. Puruant to Section 189 of the Municipalities Act, the Council of the
Municipality of Village of Sussex Corner. hereby establishes a
Reserve Fund.
3. Council shall determine annually on or before December 31, an amount
of money determined by annual resolution to be transferred to the
reserve fund. In no case should the amount exceed 7% of the gross
revenue derived in the previous fiscal year from the proceeds of the
services.
4. Such monies shall be used at anytime by the Municipality or the
commission for the improvement of existing facilities used for the
operation of the services or for the purchase of additional capital
assets related thereto.
READ FIRST TIME:
READ SECOND TIME:
READ THIRD TIME:
1ec,. lb, i9g3
-3tc. aa. 19.53
as 1983
AND ENACTED: 7Dec.. a. 1183
OR S CLERK TREASURER
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