HomeMy Public PortalAbout24 GENERAL RESERVE FUND (WARD 2)BY-LAW NO. 24
A BY-LAW OF THE MUNICIPALITY OF VILLAGE OF SUSSEX CORNER
RESPECTING THE ESTABLISHMENT OF A MACHINERY AND EQUIPMENT
DEPRECIATION TRUST FUND
The Council of the Municipality of VILLAGE OF SUSSEX ckkly CORNER duly
assembled enacts as follows:
Interpretation
1. In this By -Law "Reserve Fund" means a machinery and equipment
depreciation trust fund for the replacement of the municipalities
machinery and equipment.
Reserve Fund
2. Pursuant to Subsection 90(4) of the Municipalities Act, the
council of the muni ci pa1 i ty OfVILLAGE OF S.C. hereby
establishes a Reserve Fund.
3. Council shall determine annually on or before December 31 by
by-law the amount of money to be transferred to the reserve fund.
4. Such monies shall be invested in a separate account in accordance
with subsection 90(6)(a) of the Municipalities Act.
5. Such monies shall be used only to purchase replacement machinery
or equipment and not otherwise except with the approval of the
Commissioner of Municipal Affairs.
READ FIRST TIME:
READ SECOND TIME:
READ THIRD TIME:
AND ENACTED:
r
CLERK
NOU• 1 11S1.
Note. 15, 198
-Dec. 1.
7e.L.
MAYOR