BYLAW - Establish Council Discretionary Reserve Fund - 20121218 - 544012THE CORPORATION OF THE TOWN OF AURORA
By-law Number 5440-12
BEING A BY-LAW to
establish the Council
Discretionary Reserve
Fund.
WHEREAS section 9 of the MunicipalAct, 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 tEREAS The Corporation of the Town of Aurora (the "Town") sold all of its
shares in Aurora Hydro Connections Limited to PowerStream Inc. in June 2005;
AND WHEREAS at its meeting of September 26, 2006, the Council of the Town
adopted resolutions to establish the Council Discretionary Reserve Fund (the "Fund")
to hold the amount of ten percent (10%) of the proceeds of the Aurora Hydro Sale
Investment Fund;
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 Fund 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 $3,522,155.00, which
represents ten percent (10%) of the net proceeds of the concluded sale of the
Town's interest in Aurora Hydro Connections Limited.
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 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.
4. THAT the earned interest portions of the balance 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.
THAT any donations, expenditures, or allocations from the Fund must
recognize in program or project advertising that the contribution was made
from proceeds of the sale of Aurora Hydro Connections Limited.
By-law Number 6440-12 Page 2 of 2
6. 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.
7. 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' DAY OF DECEMBER,
2012.
YOR
JOHN D%WACH, TOWN CLERK
Arowdastogorm
pW LegafServlces
SYWUM IN —
Date • 14 2.oi 7_