Acts and Regulations

2010-124 - Clean Environment Act

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NEW BRUNSWICK
REGULATION 2010-124
under the
Clean Environment Act
(O.C. 2010-437)
Filed August 31, 2010
1New Brunswick Regulation 96-11 under the Clean Environment Act is amended by adding after section 6.2 the following:
6.21(1)A regional solid waste commission that owns or operates a generation facility may, by resolution, establish, manage and contribute to a generation facility operating reserve fund for the payment of operating expenses incurred in the ownership or operation of one or more generation facilities.
6.21(2)The amount held in a generation facility operating reserve fund shall not exceed 5% of the total expenditures that were budgeted for the ownership or operation, for the previous fiscal year, of each of the generation facilities in relation to which the fund is held.
6.21(3)Money held in a generation facility operating reserve fund shall be used for no purpose other than the operating expenses incurred by the regional solid waste commission in the ownership or operation of one or more generation facilities.
6.21(4)Every resolution respecting a contribution made to a generation facility operating reserve fund in respect of a calendar year shall be made by December 31 of that calendar year and shall specify the dollar amount contributed to the generation facility operating reserve fund.
6.22(1)A regional solid waste commission may, by resolution, establish, manage and contribute to a generation facility capital reserve fund for the payment of capital expenses incurred in the construction or ownership of one or more generation facilities.
6.22(2)Money held in a generation facility capital reserve fund shall be used for no purpose other than the payment of capital expenses incurred by the regional solid waste commission in the construction or ownership of one or more generation facilities.
6.22(3)Every resolution respecting a contribution made to a generation facility capital reserve fund in respect of a calendar year shall be made by December 31 of that calendar year and shall specify the dollar amount contributed to the generation facility capital reserve fund.
6.23The following definitions apply in sections 6.3, 6.4 and 7.
“capital reserve fund” means a general capital reserve fund or a generation facility capital reserve fund.
“operating reserve fund” means a general operating reserve fund or a generation facility operating reserve fund.
2Section 6.3 of the Regulation is amended by striking out the portion preceding paragraph (a) and substituting the following:
6.3No transfer of money from an operating reserve fund or a capital reserve fund shall be made by a regional solid waste commission except
3Section 6.4 of the Regulation is repealed and the following is substituted:
6.4Any money, including interest, within an operating reserve fund or a capital reserve fund shall be invested or reinvested in accordance with the Trustees Act.
4Subsection 7(3) of the Regulation is repealed and the following is substituted:
7(3)The chartered accountant or certified general accountant shall include along with the annual financial statements of the commission the following information with respect to an operating reserve fund, a capital reserve fund and a special account:
(a) a certified copy of each resolution respecting a contribution to or transfer from the operating reserve fund, capital reserve fund or special account, as the case may be;
(b) a statement of the revenue and expenditure relating to the operating reserve fund, capital reserve fund or special account, as the case may be, for the year of the report or part of that year and, in relation to the expenditure, an analysis according to purpose; and
(c) a statement of investments held in the operating reserve fund, capital reserve fund or special account, as the case may be, including the name of the investments, and the respective principal amounts, interest rates and dates of maturity of the investments.