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BY-LAW NUMBER <br /> <br />BEING A BY-LAW FOR THE ESTABLISHMENT AND <br />MAINTENANCE OF ^ RESERVE FUND FOR THE PUR- <br />POSE OF MAILING GRANTS TO HOSPITALS TO~,~ARD <br />THE CAPITAL COSTS OF CONSTRUCTION OF ADDITIONS <br />TO THE SAID HOSPITALS IN THE. COUNTY OF ESSEX <br />AND THE CITY OF W.INDSOR. <br /> <br /> 'JI~REAS The Municipal Act provides that the Council <br /> in each year may if authorized by a two-thirds vote of the <br /> members provide in the estimates for the establishment of a <br /> Reserve Fund for any purpose for which it has authority to <br /> spend funds; <br /> <br /> AND WHEREAS it is e~pedlent to establish a Reserve <br /> Fund for the purpose of providing for the making of &~nts t° <br /> hospitals towards the capital costs of construction of addi~ <br /> tlons to She said hospitals in the County of Essex ~_ud the <br /> City of Windsor. <br /> <br /> THEREFORE The Council of the Corporation of the <br /> County of Essex enacts as follows: <br /> <br /> 1o Thst a Reserve Fund be established and maintained <br /> for the purpose of making grants to hospitals towards the <br /> capital costs of construction of additions to the said hospitals <br /> in the County of Essex and the City of Windsor; <br /> <br /> 2. That the total sum raised by a special levy in <br /> <br /> the budgets of the County of Essex for hospital capital costs <br /> be applied for the purpose described in section 1. <br /> <br /> 3. And a further amount of the difference between <br /> <br /> the revenue from the special levy in the 1960 budget of the <br /> County of Essex for hospital capital costs and the total <br /> amount paid to the hospitals in the County of Essex and the <br /> City of Windsor, under debenture by-lmws 1366 and 1367 as <br /> approved by the Ontario Municipal Board in 1960, be also <br /> deposited to the said "Reserve Fund" as of January 1, 1961. <br /> <br /> 4. The said total sum of the said revenues, as <br /> <br /> have been ~-ece~ive~ and shall be received from time to time <br /> as provided for in Section 2, shall be deposited in a special <br /> bank account designated "Reserve Fund" opened on or before <br /> <br />'January 31, 1961, and msy be invested in such securities as <br /> a trustee may invest in under The Trustees Act, and the <br /> earnings derived from part of the Reserve Fund. <br /> <br /> <br />