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1347-60-Establishment & Maintenance of a Reserve Fund
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1347-60-Establishment & Maintenance of a Reserve Fund
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6/8/2012 2:13:40 PM
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JANUARY REGULAR 90MON, 19ft >lr <br />AND WHEREAS It is expedient to establish a Ressrve PwW ter <br />the popes of Providing funds for the construction of as adMos, <br />is the Sun Parlour Home for Senior Citizens in the Counq of Znm <br />THEREFORE the Council of the Corporation of the Ce+aaty d <br />E ENACTS AS FOLLOWS: <br />1. That a Reserve Fund be established and saintained pee tha <br />purpose of constructing an addition to the Sun Parlour Hoses, ter Senior <br />(titmw in the County of Essex, <br />2. The total sum of the revenues 'of the County EWw Farm <br />produce Buildings and Lands sold after January 1, low be appw <br />f the purpose described in Section 1. <br />3. And a further amount of the difference between the revs,. <br />noes for 1959 as described in Section 2, of the acid Dy4aw and that <br />provided for in the 1959 Budget for the bereinbeiere described <br />revenues be also deposited to the said `Reserve Fund". <br />4 The said total Sum of the said revenues6 as bays been removed <br />and shall be received from tune to time as provided for in Section 2 <br />d aII be deposited in a special bank account designated "Reserve Fund" <br />opened on or before_ January 31, 19604 and may be invested is =eh <br />securities as a trustee may invest in under The Tfustee Ad, sad the <br />earnings derived from the investment of Such aoonus shad Conn <br />part of the Reserve Fund. <br />S. The money raised for *0 said Roome FwA shall act be <br />expended, Pledged or applied to any purpose ether than that far <br />which the fund was established without the approval of the Depart• <br />we of Municipal Affairs. <br />g The Auditor et the i![uniieipality ahall voriiti► to the Dewbase l <br />at Yunicipall Affairs not later thaa March lot is each lase is Mh isrm <br />
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