Appendix: Capital Renewal Reserve Fund Bylaw No. 960, 2017 (Draft)
Draft bylaw to create a fund for the rehabilitation and replacement of capital assets.
TOWN OF VIEW ROYAL
BYLAW NO. 960, 2017
A BYLAW OF THE TOWN OF VIEW ROYAL RELATING TO A RESERVE FUND FOR THE RENEWAL OF CAPITAL ASSETS
The Council of the Town of View Royal, in open meeting assembled, enacts as follows:
This Bylaw is cited as the Capital Renewal Reserve Fund Bylaw, 2017.
A Capital Renewal Reserve Fund is established for the specified purpose of depositing and using funds to provide for expenditures associated with the rehabilitation, renewal or replacement of existing capital infrastructure.
Money in the Capital Renewal Reserve Fund, and interest earned on it, must be used only for the purpose of rehabilitation, renewal or replacement of existing Town of View Royal capital assets.
This bylaw shall come into force and effect January 1, 2017.
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ADOPTED BY COUNCIL, SIGNED BY THE MAYOR AND THE CLERK AND SEALED WITH THE SEAL OF THE TOWN OF VIEW ROYAL
MAYOR
CLERK
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