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Bylaw No. 2811-2018

Reserve Funds Establishment Bylaw, 2018

Consolidated and printed by authority of the Corporate Officer under section 139 of the Community Charter. Includes amendment bylaws 2983-2019. Last amended December 2, 2019.

Contents
 1 Interpretation
 2 Definitions
 3 Reserve funds establishment
 4 Source of funds
 5 Use of funds
 6 Transfer of funds
 7 Investment of funds
 8 Repeal

WHEREAS Section 188 of the Community Charter, S.B.C. 2003, c.26 authorizes Council to establish a reserve fund for a specified purpose and direct that money be placed to the credit of the reserve fund;

NOW THEREFORE the Council of the City of Abbotsford, in open meeting assembled, ENACTS AS FOLLOWS:

Interpretation

1   The Interpretation Bylaw applies to this bylaw.

B/L 2983-2019

Definitions

2   In this bylaw

"carbon neutrality" means to minimize greenhouse gas emissions and to net those greenhouse gas emissions to zero.

"development cost charges reserve funds" means a reserve fund established in accordance with section 566 Use of development cost charges of the Local Government Act.

"public art" means art work acquired by the City for display in public spaces within the City.

B/L 2983-2019

Reserve funds establishment

3   The following reserve funds are established for the purposes shown in the following table:

No.

Name of Reserve Fund

Purpose of Reserve Fund

1

Affordable Housing Reserve Fund

Implementing the Affordable Housing Action Plan

2

Climate Action Reserve Fund

Implementing Carbon Neutrality objectives and projects

3

Development Cost Charges (Drainage) Reserve Fund

Providing, constructing, altering or expanding drainage that relate directly or indirectly to the developments in respect of which the charge were imposed and collected

4

Development Cost Charges (J.A.M.E.S. Treatment Plant) Reserve Fund

Providing, constructing, altering or expanding the J.A.M.E.S. Treatment Plant that relate directly or indirectly to the development in respect of which the charge was collected

5

Development Cost Charges (Joint Water Supply) Reserve Fund

Providing, constructing, altering or expanding the Joint Water Supply that relate directly or indirectly to the development in respect of which the charge was collected

6

Development Cost Charges (Parks) Reserve Fund

Paying the capital costs of acquiring park land or reclaiming land as park land, or providing fencing, landscaping, drainage and irrigation, trails, restrooms, changing rooms and playground and playing field equipment on park land, subject to the restriction that the capital costs must relate directly or indirectly to the development in respect of which the charge was collected

7

Development Cost Charges (Roads) Reserve Fund

Providing, constructing, altering or expanding highway facilities, other than off-street parking, that relate directly or indirectly to the development in respect of which the charge was collected

8

Development Cost Charges (Sewer) Reserve Fund

Providing, constructing, altering or expanding sewage facilities that relate directly or indirectly to the development in respect of which the charge was collected

9

Development Cost Charges (Water) Reserve Fund

Providing, constructing, altering or expanding water facilities that relate directly or indirectly to the development in respect of which the charge was collected

10

Highway Acquisition Reserve Fund

Acquiring property that the Council considers will provide public access to a body of water that is of at least equal benefit to the public as a highway, or part of a highway, disposed of in accordance with Section 41 of the Community Charter

10.1

Mill Lake Park Reserve Fund

Acquiring and paying debt remaining in relation to land, improvements and other assets of a capital nature that relate to Mill Lake Park.

11

Off-Street Parking Reserve Fund

Providing off-street parking spaces

12

Park Acquisition Reserve Fund

Acquiring park lands

13

Property Acquisition Reserve Fund

Acquiring land, improvements and other assets of a capital nature, and paying any debt remaining in relation to land or improvements sold by the City

14

Public Art Reserve Fund

Acquiring Public Art

15

Transportation Infrastructure Reserve Fund

Providing transportation infrastructure that supports walking, bicycling, public transit or other alternative forms of transportation

B/L 2983-2019

Source of funds

4   (a) Development cost charges paid to the City must be placed to the credit of the reserve fund established in Section 3 for the purpose for which the development cost charge was imposed.

(b) Money received from the sale of park land within the meaning of the Community Charter must be placed to the credit of the Park Acquisition Reserve Fund.

(c) Money received from the disposal of highway property that provides access to water within the meaning of Section 41(1(d) of the Community Charter must be placed to the credit of the Highway Acquisition Reserve Fund.

(d) Money received as an alternative to complying with a requirement to provide off-street parking spaces required by a bylaw authorized under Section 525 of the Local Government Act must be placed to the credit of the Off-Street Parking Reserve Fund or the Transportation Infrastructure Reserve Fund, as such bylaw directs.

(e) Except for tax sale proceeds, money received from the sale of land and improvements must be placed to the credit of the Property Acquisition Reserve Fund.

(f) Money from the following sources may be placed to the credit of a reserve fund established in Section 3 :

(i) funds appropriated from capital or operating budgets, or from general revenues, as authorized by the City's annual budget;

(ii) cash contributions from developers and members of the public for the same purpose of the reserve fund in which the money is being placed.

(g) Climate Action Revenue Incentive Program rebates received from the Province may be placed to the credit of the Climate Action Reserve Fund.

Use of funds

5   Subject to Section 189 of the Community Charter, money in a reserve fund, and interest earned on it, must only be used for the purpose for which the fund was established.

Transfer of funds

6   (a) All money held by the City at the time of the adoption of this Bylaw in a reserve fund established for the same purpose as a reserve fund established by this Bylaw, will, on adoption of this Bylaw, be transferred, together with interest earned on it, and placed to the credit of the applicable reserve fund established under Section 3 having the same purpose for which the money was received.

(b) Despite Section 5 , if the amount to the credit of a reserve fund is greater than required for the purpose for which the fund was established, Council may, by bylaw, transfer all or part of the amount to another reserve fund in accordance with Section 189 of the Community Charter.

(c) Money in the Park Acquisition Reserve Fund or a Development Cost Charges Reserve Fund must not be transferred except in accordance with a bylaw approved by the Minister.

Investment of funds

7   Money held by the City that is not immediately required and placed to the credit of a reserve fund may only be invested or reinvested in accordance with Section 183 of the Community Charter.

Repeal

8   The following bylaws, and any and all amendments, are hereby repealed:

(a) Bylaw No. 1351-2004, "Development Cost Charges Reserve Funds Establishment Bylaw, 2004";

(b) Bylaw No. 2241-2013, "Climate Action Reserve Fund Establishment Bylaw, 2013";

(c) Bylaw No. 1996-2010, "Affordable Housing Capital Reserve Fund Establishment Bylaw, 2010"; and

(d) Bylaw No. 2074-2011, "Public Art Capital Reserve Fund Establishment Bylaw, 2011".

READ A FIRST TIME on April 23, 2018 READ A SECOND TIME on April 23, 2018 READ A THIRD TIME on April 23, 2018 ADOPTED on May 7, 2018