BYLAW - Establish Aurora Hydro Sale Investment Reserve Fund - 20121218 - 543912THE CORPORATION OF THE TOWN OF AURORA
By-law Number 5439-12
BEING A BY-LAW to
establish the Aurora Hydro
Sale Investment Reserve
Fund.
WHEREAS section 9 of the Municipal Act, 2001, S.O.2001, c. 25, as amended (the
"Act"), provides that a municipality has the capacity, rights, powers and privileges of
a natural person for the purpose of exercising its authority under the Actor any other
statute, and subsection 11(2) of the Act provides that lower -tier municipalities may
pass by-laws respecting, among other items, the financial management of the
municipality and its local boards;
AND WHEREAS The Corporation of the Town of Aurora (the "Town") sold all of its
shares in Aurora Hydro Connections Limited to Powerstream Inca in June 2005;
AND WHEREAS at its meeting of June 28, 2005, the Council of the Town adopted
resolutions to establish the Aurora Hydro Sale Investment Reserve Fund (the
"Fund") to hold the proceeds obtained from the said sale of shares in Aurora Hydro
Connections Limited;
AND WHEREAS the Council of the Town made modifications to the conditions
related to the Fund by adopting resolutions on September 26, 2006, with
adjustments to the balance in the Fund to be completed at December 31, 2006;
AND WHEREAS no specific by-law has been adopted to create or set out the terms
of the Fund;
AND WHEREAS the Council of the Town deems it necessary and desirable to use
the proceeds of the sale of Aurora Hydro Connections Limited in specified manners
and provide funding for specified special purposes;
AND WHEREAS the money in the Fund shall be allocated and expended subject to
the provisions of this By-law;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
AURORA ENACTS AS FOLLOWS:
THAT the Fund be established with a balance of $31,699,391.67, which
represents ninety percent (90%) of the net proceeds of the concluded sale of
the Town's interest in Aurora Hydro Connections Limited.
2. THAT all balances in the Fund earn investment income to the credit of the
Fund, as calculated by the Town's Treasurer based on the annual
performance of the Town's investment portfolio comprised of balances of all
reserves and reserve funds, and surplus operating and unspent cash
balances throughout the year.
3. THAT the earned interest portions of the balance of this Fund from a prior
year may be allocated or expended at the sole discretion of Council for new
initiatives identified in the Town's Strategic Plan, as may be amended from
time to time.
4. THAT proposed Strategic Plan initiatives be budgeted as separate projects
for separate consideration, and should all the funds available in the current
year not be used, that those unallocated funds be carried forward and remain
available in the next budget year.
THAT, other than Strategic Plan initiatives, the earned interest portions of the
balance of this Fund from a prior year may be allocated or expended for any
purpose as may be determined by Council to be in the best interest of the
By-law Number 5439-12
Page 2 of 2
Town, provided that such allocation or expenditure is approved in accordance
with paragraph 7 of this By-law.
6. THAT the principal of the Fund may be allocated or expended for any
purpose as determined, at the sole discretion of Council, to be in the best
interest of the Town, and should Council wish to allocate or expend any of the
principal from the Fund for any purpose, public notice published in a local
newspaper having general circulation throughout the community shall be
provided at least thirty (30) days in advance before the allocation or expense
is approved at an open Council meeting.
7. THAT any expenditure or allocation of monies from the principal, or earned
interest portions of the Fund as specified in paragraph 5 of this By-law, shall
be made by resolution of Council, as adopted by a vote of not less than two-
thirds (2/3) of the entire Council, and further that,
(a) "entire Council' shall mean all members of Council being present in
Council Chambers at the time of the vote;
(b) should the entire Council not be present in Council Chambers at the
time of the vote, the vote shall be deferred until the entire Council is so
present; and
(c) in the event the entire Council is not present for three (3) consecutive
Council meetings, the requirement for all Council members to attend
such meeting shall be reduced by one (1) member of Council.
THAT all past resolutions and by-laws of Council in connection with the
creation of the Fund are hereby superseded and replaced by this By-law.
9. THAT this By-law is deemed to have come into force nunc pro tunc on
December 31, 2006.
READ A FIRST AND SECOND TIME THIS 18' DAY OF DECEMBER, 2012.
READ A THIRD TIME AND FINALLY PASSED THIS 18'h DAY OF DECEMBER,
2012.
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