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C-19 - Cities and Towns Act

Section 569.5
Disposition versions

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569.5. A by-law establishing a financial reserve may not provide for a projected amount that, if added to the projected amounts of reserves already established by by-law and still in existence, results in an amount exceeding the higher of
(1)  an amount corresponding to 30% of the other appropriations provided for in the budget of the fiscal year in which the by-law is adopted; and
(2)  an amount corresponding to 15% of the total undepreciated cost of fixed assets.
Where a working fund is constituted under section 569, the maximum amount provided for in the first paragraph is reduced by the amount of the working fund.
As regards a reserve referred to in the third paragraph of section 569.3, the amount of such a reserve shall not enter into the calculation of the maximum amount provided for in the first paragraph.
1997, c. 93, s. 65; 2001, c. 68, s. 22.
569.5. A by-law establishing a financial reserve may not provide for a projected amount that, if added to the projected amounts of reserves already established by by-law and still in existence, results in an amount exceeding 15 % of the other appropriations provided for in the budget of the fiscal year during which the by-law establishing the reserve is adopted.
1997, c. 93, s. 65.
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