Bylaw No. 140 A Bylaw to Establish a Road Bonds Reserve Fund

TOWN OF VIEW ROYAL

BYLAW NO. 140

A BYLAW TO ESTABLISH A ROAD BONDS RESERVE FUND

WHEREAS Section 378 (1) (a) of the Municipal Act provides that the Council may, by Bylaw, establish a reserve fund for expenditures for or in respect of capital projects and land, machinery or equipment necessary for them and extension or renewal of existing capital works;

AND WHEREAS the Council of the Town of View Royal deems it desirable to create a reserve fund for monies deposited with the Town for site specific road improvements;

NOW THEREFORE the Municipal Council of the Town of View Royal, in open meeting assembled, enacts as follows:

1. There is hereby established a reserve fund to be known as the "Road Bonds Reserve Fund" hereinafter referred to as "the Fund";
2. The Treasurer of the Town of View Royal is hereby instructed and authorized to pay into the said Fund, such amounts of money as is received from time to time from Developers or Property Owners or others for site specific road improvements;
3. The monies paid into the Fund shall be deposited in the Colwood branch of the Royal Bank of Canada in a separate bank account and until required to be used, may be invested in the manner provided by Section 387 of the Municipal Act;
4. The monies in the Fund are to be used only for the purposes of Capital Projects for which the monies were deposited, but may include the extension or renewal of existing capital works in the site specific area;
5. This Bylaw may be cited for all purposes as the "Road Bonds Reserve Fund Establishment Bylaw, 1992, No. 140".

READ A FIRST TIME THIS 3^RD^ DAY OF NOVEMBER, 1992

READ A SECOND TIME THIS 3^RD^ DAY OF NOVEMBER, 1992

READ A THIRD TIME THIS 3^RD^ DAY OF NOVEMBER, 1992

RECONSIDERED, FINALLY PASSED AND ADOPTED BY COUNCIL, SIGNED BY THE MAYOR AND THE CLERK AND SEALED WITH THE SEAL OF THE TOWN OF VIEW ROYAL THIS 17^TH^ DAY OF NOVEMBER, 1992