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TOWN OF LAKE COWICHAN
BYLAW NO. 825-2006
A BYLAW TO ESTABLISH A ROAD WORKS RESERVE FUND
WHEREAS Section 188 of the Community Charter provides that a Council may establish
reserve funds for expenditures for or in respect of capital projects and land, machinery
or equipment necessary for the capital projects and extension or renewal of existing
capital works;
AND WHEREAS it is deemed and necessary to provide a fund for the establishment of
the Road Works Reserve Fund for the Town of Lake Cowichan;
NOW THEREFORE the Council of the Town of Lake Cowichan, in open meeting
assembled, ENACTS as follows:
1. There shall be and is hereby established a reserve fund, under the provisions of
the Community Charter, to be known as the "Town of Lake Cowichan Road
Works Reserve Fund Bylaw No. 825-2006".
2. The monies set aside by resolution or budget appropriation shall be paid into a
reserve fund established for the purpose and until required to be used, may be
invested in the manner provided by the Community Cha ter.
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3. The money in the reserve fund, and interest earned on it, must be used only for
the purpose for which the fund was established.
4. The expenditure of any money from this fund may be made by bylaw adopted by
at least 2/3 of the members of Council.
READ THE FIRST TIME on the 26th day of September, 2006.
READ THE SECOND TIME on the 26th day of September, 2006.
READ THE THIRD TIME on the 26th day of September, 2006.
RECONSIDERED, FINALLY PASSED and ADOPTED by the Municipal Council of the Town
of Lake Cowichan on the 10th day of October, 2006.
______________________________
W. J. (Jack) Peake
Joseph A. Fernandez
Mayor
Corporate Officer