180. The Community may, by by-law, for the benefit of all of the municipalities whose territory is situated within its territory, or of some of those municipalities, establish a financial reserve for any purpose within its jurisdiction for the financing of expenditures.
The by-law must set out
(1) the purpose for which the reserve is established;
(2) the projected amount of the reserve;
(3) the mode of financing of the reserve;
(4) in the case of a reserve of specified duration, the duration of existence of the reserve;
(5) the allocation of the amount, if any, by which revenue exceeds expenditures at the end of the existence of the reserve.
The by-law must also indicate that the reserve is established for the benefit of all of the municipalities whose territory is situated within the territory of the Community, or of some of those municipalities, and in the latter case, specify the municipalities concerned.
The duration of existence of a reserve must be determined, unless such determination is inconsistent with the purpose for which the reserve is established.
2000, c. 56, Sch. VI, s. 180; 2001, c. 68, s. 215.