CITY OF REVELSTOKE
CITY OF REVELSTOKE COMMUNITY FOREST CORPORATION SPECIAL
RESERVE FUND BYLAW NO. 1458, 1993
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A Bylaw To Establish A Special Reserve Fund Under S.380.1
Of The Municipal Act
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WHEREAS
A. Section 380.l of the Municipal Act, R.S.B.C. 1979, c.290 ("Act"), authorizes Council to establish a special reserve fund for a specified purpose within the powers of the City.
B. The amount of the reserve fund established by s. 3(b) of the City of Revelstoke Electrical Utility Sale Bylaw Number 897, 1971 is greater than required.
C. In a referendum held by the City on February 20, 1993, 77% of the electors voting in that referendum approved the investment of up to $l,000,000.00 from that electric utility sale reserve fund to acquire and operate a portion of Tree Farm Licence 55 in accordance with the City's proposal dated February 8, 1993.
D. The City proposes to acquire and operate a portion Tree Farm Licence 55 through a company incorporated by the City and wholly owned by it.
E. Section l9 of the Municipal Act, R.S.B.C. 1979, c. 290 authorizes the City to engage in any commercial, industrial or business undertaking and to incorporate a company for that purpose, and
The Council of the City of Revelstoke, in open meeting assembled, enacts as follows:
Short Title of Bylaw
l. This Bylaw may be cited for all purposes as the "City of Revelstoke Community Forest Corporation Special Reserve Fund Bylaw No. 1458, 1993."
Establishment of Special Reserve Fund
2. There is established a special reserve fund, known as the Revelstoke Community Forest Special Reserve Fund, pursuant to s. 380.l of the Act. Money in the Revelstoke Community Forest Special Reserve Fund, and interest earned on it, may only be used for the purpose for which the Revelstoke Community Forest Special Reserve Fund is established. The Revelstoke Community Forest Special Reserve Fund is established for the purposes of
(a) incorporating a British Columbia company known as
Revelstoke Community Forest Corporation or other
name acceptable to the Registrar of Companies for
British Columbia ("Company").
(b) acquiring all of the issued and outstanding shares
of the Company, and
(c) purchasing from Westshore Terminals Ltd. and Westar
Timber Ltd. through the Company
(i) a portion of the tree farm licence, now in the
name of Westshore Terminals Ltd. issued under the
Forest Act, R.S.B.C. 1979, c. l40, and designated as
Tree Farm Licence 55,
City of Revelstoke Community Forest
Corporation Special Reserve Fund
Bylaw #1458, 1993
Page 2
(c) Cont.
(ii) all cutting permits, special use permits, road
permits, letters of consent for rights-of-way and all
other permits, approvals, consents and licences issued
by the Minister of Forests in respect of the portion
of Tree Farm Licence 55 purchased by the City, and
(iii) such other assets of Westshore Terminals Ltd. and
Westar Timber Ltd. as are connected with the assets
described in sections 2(c)(i) and (ii) and the business
now carried on by them on the portion of Tree Farm
Licence 55 to be purchased by the City, and
(iv) operating through the Company, the assets
described in section 2(c)(i) to (iii).
Amount of Special Reserve Fund
3. The maximum amount of the Revelstoke Community Forest Special Reserve Fund is $l,000,000.00.
Transfer from Electric Utility Sale Reserve Fund
4. Despite the City of Revelstoke Electrical Utility Sale Bylaw Number 897, 197l, $l,000,000.00 is transferred from the reserve fund established by section 3(b) of the City of Revelstoke Electrical Utility Sale Bylaw Number 897, 1971 to the Revelstoke Community Forest Special Reserve Fund.
5. This Bylaw shall come into full force and effect upon the adoption thereof by City Council.
READ A FIRST TIME THIS 22nd DAY OF MARCH , 1993
READ A SECOND TIME THIS 22ND DAY OF MARCH , 1993
READ A THIRD TIME THIS 22ND DAY OF MARCH , 1993
Certified a true copy of the City of Revelstoke Community Forest Corporation Special Reserve Fund Bylaw No. 1458, 1993 at Third Reading.
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Rick Butler, Clerk
APPROVED BY THE MINISTER OF MUNICIPAL AFFAIRS, RECREATION AND HOUSING THIS 29th DAY OF MARCH , 1993.
RECONSIDERED AND FINALLY ADOPTED THIS DAY OF , 1993.
_______________________________ ___________________________
Rick Butler, Clerk Geoffrey Battersby, Mayor
I hereby certify that the foregoing is a true and correct copy of the City of Revelstoke Community Forest Coproration Special Reserve Fund Bylaw No. 1458, 1993.
_______________________________
Rick Butler, Clerk
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