Bylaw No. 889 - Development Cost Charge Reserve Fund Expenditure Bylaw

BYLAW NO. 889

A BYLAW TO AUTHORIZE THE EXPENDITURE OF MONIES IN THE DCC RESERVE FUND (PARK IMPROVEMENTS)

WHEREAS The Council of the Town of View Royal established a Development Cost Charge Reserve Funds Bylaw, under Bylaw No. 64, on the 16th day of October 1990;

AND WHEREAS There is a balance of Ninety Nine Thousand, Three Hundred and Thirteen Dollars ($93,313) in the DCC Reserve Fund (Park Improvements) as of January 1, 2014.

AND WHEREAS The monies in the said fund together with any interest thereon will be used only for a capital expenditure for the purposes for which the fund was created;

AND WHEREAS It is deemed desirable to expend the sum of Forty Eight Thousand ($48,000) dollars from the DCC Reserve Funds (Park Improvements) for work on Portage Park Playground Equipment.

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

1. The sum of Forty Eight Thousand ($48,000) dollars is hereby appropriated from the Development Cost Charge Reserve Fund (Park Improvements) for work on Portage Park Playground Equipment.
2. Any unspent monies shall be returned to the Development Cost Charge Reserve Fund.
3. This bylaw may be cited for all purposes as the "Development Cost Charge Reserve Fund Expenditure Bylaw No. 889, 2014".

READ A FIRST TIME ON THIS 6^th DAY OF MAY, 2014

READ A SECOND TIME ON THIS 6^th DAY OF MAY, 2014

READ A THIRD TIME ON THIS 6^th DAY OF MAY, 2014

ADOPTED BY COUNCIL, SIGNED BY THE MAYOR AND CLERK, AND SEALED WITH THE SEAL OF THE TOWN OF VIEW ROYAL ON THIS

MAYOR

CLERK