3550 To establish The Lake Lisgar Revitalization Trust FundTHE TOWN OF TILLSONBURG
BY-LAW NUMBER 3550
A BY-LAW to establish The Lake Lisgar Revitalization Trust Fund"
WHEREAS Council of the Corporation of the Town of Tillsonburg by resolution on
September 26, 2011 supported that: a Lake Lisgar Revitalization Trust be established
and that a Lake Lisgar Revitalization Committee be established to complete the cleanup
of Lake Lisgar with a completion date of December 31, 2012.
AND WHEREAS the Council of the Corporation of the Town of Tillsonburg wishes to
establish this trust fund to provide for the donations and expenditures for this project.
THEREFORE the Council of the Town of Tillsonburg enacts as follows:
1. There is hereby established a trust fund under the name of "The Lake Lisgar
Revitalization Trust Fund".
2. The objectives of the fund are to receive donations and pay expenditures relating to
the revitalization and remedial actions pertaining to the Lake. This may include the
improvement of the water quality and flow into the Lake, dredging, creating a new
sediment pond, planting vegetation, and general measures to stall the accumulation
of silt. It may also include the re-introduction of rainbow trout and general
beautification projects for the Lake.
3. The Trustees of the Fund shall be the two staff members of the Corporation of the
Town of Tillsonburg, the Director of Finance and the Clerk, and two members from
the Lake Lisgar Revitalization Committee, John Glass and Frank Kempf, and shall
have the power to:
a) Accept donations to the fund including any real or personal property granted,
donated, devised, bequeathed or otherwise conveyed to it, and to convert any
such property into money;
b) Authorize payment of sums of money from monies donated or from monies
earned from investments of the subject fund in accordance with the objectives
and provisions of this by-law;
c) Invest monies of this fund as provided in paragraph (4.) of this by-law.
4. Donations received herein shall be deposited into a bank account and may be
invested in such securities as a trustee may invest in under the Trustee Act, and the
earnings derived from the investment of such monies form part of the fund.
5. The Town Deputy Treasurer shall be the Treasurer of the Fund herein.
6. The Auditors as appointed from time to time by Town Council shall cause an
audit to be made annually of the receipts and disbursements of the fund
herein.
7. Donations made to the Fund shall be receipted by the municipality and subject
to Paragraph 110 (1) of The Income Tax Act and shall have the same status
as gifts to a registered charity.
8. This by-law shall come into force upon enactment.
READ a FIRST and SECOND TIME THIS THE 14th DAY OF November, 2011.
READ a THIRD TIME and FINAL TIME AND PASSED THIS 28th DAY OF November,
2011.
MAYOR Jbhn Lessif
CLERK- Donna Wilson