Bylaw No. 347 A Bylaw to Establish a Capital Drainage Reserve Fund

TOWN OF VIEW ROYAL

BYLAW NO. 347

A BYLAW TO ESTABLISH A CAPITAL DRAINAGE RESERVE FUND

WHEREAS Section 499(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 transferred from the Sewer Capital Fund for specific drainage capital 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 “Capital Drainage 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, an amount of $650,000 (Six Hundred Fifty Thousand Dollars) from the Sewer Capital Fund.

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 503 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 “Capital Drainage Reserve Fund Establishment Bylaw, No. 347, 1999”.

Signed by the Mayor and the Municipal Clerk and Sealed with the Seal of the Town of View Royal This 20th Day Of January, 1999.

MAYOR

CLERK ADMINISTRATOR