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TOWN OF LAKE COWICHAN
BYLAW NO. 1036-2020
A BYLAW TO ESTABLISH A RESERVE FUND FOR SNOW REMOVAL
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 Snow Removal 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 Snow
Removal Reserve Fund Bylaw No. 1036-2020".
2. The monies allocated for snow removal for each year that are unspent 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 Charter.
3. The unspent dollars for snow removal from the previous fiscal year are to be
allocated in the annual estimates of each subsequent fiscal year.
4. The money in the reserve fund, and interest earned on it, may only be used for
the purpose of snow removal operations.
5. If the amount to the credit of this reserve fund is greater than required for the
purpose for which the fund was established, the council may, by bylaw adopted
by at least 2/3 members of council, transfer all or part of the amount to another
reserve fund.
READ THE FIRST TIME on the 25th day of February, 2020.
READ THE SECOND TIME on the 25th day of February, 2020.
READ THE THIRD TIME on the 25th day of February, 2020.
RECONSIDERED, FINALLY PASSED and ADOPTED by the Municipal Council of the Town
of Lake Cowichan on the ____ day of _____, 2020.
______________________________
Rod Peters
Joseph A. Fernandez
Mayor
Corporate Officer