BYLAW - Amend 555313 Establish Various Reserve Funds - 20151208 - 578415THE CORPORATION OF THE TOWN OF AURORA
By-law Number 5784-15
BEING A BY-LAW to amend By-law
Number 5553-13, as amended, to
establish various Reserve Funds
for the Town of Aurora.
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 Act or any other
statute;
AND WHEREAS 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 over time, The Corporation of the Town of Aurora (the "Town") has
established various reserve accounts for various purposes without the benefit of
separate formalizing bylaws;
AND WHEREAS on November 26, 2013, Council adopted By-law Number 5553-13
to establish various reserve funds for the Town;
AND WHEREAS on December 8, 2015, the Council of the Town adopted a
resolution that directed staff to bring forward the necessary by-law to further amend
By-law Number 5553-13 to create an additional reserve fund as detained in Report
No. CFS15-053;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
AURORA ENACTS AS FOLLOWS:
1. THAT By-law Number 5553-13, as amended, be and is hereby further
amended by adding the reserve fund set out in the schedule attached hereto,
and forming part of this by-law.
2. THAT this by-law shall come into full force and effect on the date of final
passage hereof.
READ A FIRST AND SECOND TIME THIS a DAY OF DECEMBER, 2015.
READ A THIRD TIME AND FINALLY PASSED THIS a DAY OF DECEMBER,
2015.
�r
9 FREY DAWE, MAYOR
.'Approves as to Farm
By Lcga(SErviczs
signature-
Dare: De1c._..�IWI.
STEPHEN M.A. HOYCKE. TOWN CLERK
By-law Number 5784-15 Page 2 of 2
Schedule: N17
Reserve Fund Category: New Infrastructure
Reserve Fund Name: Community Benefit Contributions
The Community Benefit Contributions Reserve Fund (the "Fund") is hereby
established to receive and hold all Community Benefit Contribution funds received
from builders of residential dwelling units within the Town of Aurora.
These funds shall only be used for the purposes of constructing new growth -related
municipal infrastructure projects which will deliver expanded or new infrastructure
capacity of any type to meet the needs of our growing residential community
population. Funding from this reserve may be used in parallel with other
development related revenue, fees, or charges or reserve funds.
Balances in the Fund will be planned for specific projects recommended to or by
Council as part of the annual budget process, or at other times throughout the year.
Due to the specific source and intent of these funds, Council may not reallocate these
funds toward any non —growth related purpose.
The Fund is to be established with the Community Benefit Contribution fees that have
been collected to date.