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C-19 - Cities and Towns Act
Section 468.45.2
Disposition versions
468.45.2. A financial reserve shall be made up of the sums allocated to it each year and interest earned on the sums.
The sums allocated to the reserve may derive only from surpluses in a fiscal year that are used for that purpose pursuant to subparagraph 3 of the second paragraph of section 468.45, from a contribution payable by the municipalities for whose benefit the reserve is established or from the excess amount referred to in section 244.4 of the Act respecting municipal taxation (chapter F‐2.1), derived from a mode of tariffing established by the management board under section 468.47.1.
Where the reserve is established for the benefit of some of the municipalities in whose territory the management board has jurisdiction, the reserve may not be made up of sums from the surpluses or excess amounts referred to in the second paragraph unless they derive exclusively from the municipalities for whose benefit the reserve is established or from their territory.
468.45.2. A financial reserve shall be made up of the sums allocated to it each year and interest earned on the sums.
The sums allocated to the reserve may derive only from surpluses in a fiscal year that are used for that purpose pursuant to subparagraph 3 of the second paragraph of section 468.45, or from the excess amount referred to in section 244.4 of the Act respecting municipal taxation (chapter F‐2.1), derived from a mode of tariffing established by the management board under section 468.47.1.
