Bylaw No. 326 A Bylaw to Authorize the Establishment of a Tax Sale Land Reserve Fund

TOWN OF VIEW ROYAL

BYLAW NO. 326

A BYLAW TO AUTHORIZE THE ESTABLISHMENT OF A TAX SALE LAND RESERVE FUND

WHEREAS Section 498 of the Municipal Act provides that all money received from the sale of tax sale properties must be set aside in a reserve fund;

AND WHEREAS the Municipal Council deems it necessary to create a reserve fund for such purpose;

NOW THEREFORE the 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 "Tax Sale Land 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 Fund such amounts of money as received through the Annual Tax Sale.
3. The money paid into the Fund shall be deposited upon receipt in a separate account of the municipal banking institution, being the Royal Bank of Canada - Colwood Branch, until required to be used, and may be invested in the manner provided by Section 483 of the Municipal Act for sinking funds.
4. The money in the Fund and interest earned on it is to be used solely for the purposes as set out in Section 498(4) (a) and (b) of the Municipal Act..
5. This Bylaw may be cited as "Tax Sale Land Reserve Fund Establishment Bylaw, 1998, No. 326".

READ A FIRST TIME THIS 6TH DAY OF JANUARY, 1998

READ A SECOND TIME THIS 6TH DAY OF JANUARY, 1998

READ A THIRD TIME THIS 6TH DAY OF JANUARY, 1998

FINALLY PASSED AND ADOPTED BY THE COUNCIL OF THE TOWN OF VIEW ROYAL, SIGNED BY THE MAYOR AND THE CLERK THIS 3RD DAY OF FEBRUARY, 1998.

MAYOR CLERK