TOWN OF VIEW ROYAL BYLAW NO. 914 - DCC Reserve Fund Expenditure

BYLAW NO. 914

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

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 Eight Hundred and Seventy Six Thousand, One Hundred Dollars ($876,100.35) in the DCC Reserve Fund (Drainage) 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 Sixty Five Thousand ($65,000) dollars from the DCC Reserve Funds (Drainage) for Island Highway Drainage works.

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

1. The sum of Sixty Five Thousand ($65,000) dollars is hereby appropriated from the Development Cost Charge Reserve Fund (Drainage) for work on the Master Drainage Plan.
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. 914, 2015".

READ A FIRST TIME ON THIS 3rd DAY OF FEBRUARY, 2015

READ A SECOND TIME ON THIS 3rd DAY OF FEBRUARY, 2015

READ A THIRD TIME ON THIS 3rd DAY OF FEBRUARY, 2015

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