97-16
COUNTY OF ELGIN
By-Law No. 97-16
BEING A BY-LAW TO ESTABLISH A RESERVE FUND FOR HIGHWAY
TRANSFERS FOR THE ROADS DEPARTMENT'
WHEREAS a lump sum payment has been received on April 1 , 1997 from the
Province of Ontario for the transfer of certain highways from Provincial jurisdiction to County
jurisdiction; and
the
WHEREAS as a result, the County will incur substantial expenditures. now and in
future. for the improvements to these additional highways and
MAS, R.S.O
WHEREAS under Section 163.(1), of the Municipal Act, being Chapter
1990, as amended, a municipality may establish a reserve fund; and
may, from time to
the County Treasurer
of said Act,
163.(2)
WHEREAS under Section
time, make investments; and
WHEREAS under Section 163.(4), of said Act, the money raised for a reserve fund
may, by by-law, be applied to a purpose other than that for which the fund was established;
and
with the Elgin
WHEREAS the County has entered into a Shared Banking Agreement
County Roman Catholic Separate School Board.
the Municipal Council of the Corporation of the County of Elgin
NOW THEREFORE
enacts as follows:
1. That a Reserve Fund entitled "Reserve for Highway Transfer" be established for the
County Roads Department into which funds resulting from the transfer of certain highways
from the Province of Ontario to the County of Elgin will be credited.
That the Treasurer may, from time to time, invest such funds and the earnings derived
the investment of such funds shall form part of the Reserve Fund.
2.
from
to be loaned out
3. That the Treasurer may, from time to time, borrow from such funds
temporarily and paid back, plus interest, into the Reserve Fund.
the
4. That expenditures made from this Fund shall be subject to the approval of the
Physical Services Committee to be used for County Road Department improvements on
Provincial Highways that were transferred to the County on April 1 , 1997.
its passing
That this By-Law become effective upon
5.
1997
1997
time and finally passed this 22nd day of Apri
time this 22nd day of Apri
and second
third
READ a first
READ a
tDonald,
County Administrator/Clerk.