3(1)A municipality may, by resolution, establish, manage and contribute to a general operating reserve fund for the payment of operating expenses.

3(2)The amount held in a general operating reserve fund shall not exceed five per cent of the total expenditure that was budgeted for the municipality for the previous fiscal year.

3(3)Money held in a general operating reserve fund shall be used for no purpose other than the payment of operating expenses.

3(4)Every resolution respecting a contribution made to or a withdrawal from a general 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 general operating reserve fund.

4(1)A municipality may, by resolution, establish, manage and contribute to a general capital reserve fund for the payment of capital expenses.

4(2)Money held in a general capital reserve fund shall be used for no purpose other than the payment of capital expenses.

4(3)Every resolution respecting a contribution made to or a withdrawal from a general 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 general capital reserve fund.

5(1)A municipality that provides a service or a utility or a commission established under section 189 of the Act may, by resolution, establish, manage and contribute to a service or utility operating reserve fund for the payment of expenses incurred in the provision of the service or utility.

5(2)A resolution of a commission under subsection (1) is not effective until approved by council.

5(3)The amount held in service or utility operating reserve fund established under subsection (1) shall not exceed five per cent of the total expenditure that was budgeted for the service or utility for the previous fiscal year.

5(4)Money held in a service or utility operating reserve fund established under subsection (1) shall be used for no purpose other than the payment of operating expenses.

5(5)Every resolution respecting a contribution made to or a withdrawal from a service or utility operating reserve fund established under subsection (1) 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 service or utility operating reserve fund.

6(1)A municipality that provides a service or a utility or a commission established under section 189 of the Act may, by resolution, establish, manage and contribute to a service or utility capital reserve fund for the payment of expenses incurred in the provision of the service or utility.

6(2)A resolution of a commission under subsection (1) is not effective until approved by council.

6(3)Money held in a service or utility capital reserve fund shall be used for no purpose other than the payment of capital expenses.

6(4)Every resolution respecting a contribution made to or a withdrawal from a service or utility 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 service or utility capital reserve fund.

6.1(1)A municipality 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 expenses incurred in the ownership or operation of the generation facility.

6.1(2)The amount held in a generation facility operating reserve fund shall not exceed 5% of the total expenditure that was budgeted for the ownership or operation of the generation facility for the previous fiscal year.

6.1(3)Money held in a generation facility operating reserve fund shall be used for no purpose other than the payment of operating expenses.

6.1(4)Every resolution respecting a contribution made to or a withdrawal from 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.

6.2(1)A municipality that owns or operates a generation facility may, by resolution, establish, manage and contribute to a generation facility capital reserve fund for the payment of expenses incurred in the ownership or operation of the generation facility.

6.2(2)Money held in a generation facility capital reserve fund shall be used for no purpose other than the payment of capital expenses.

6.2(3)Every resolution respecting a contribution made to or a withdrawal from 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.

7(1)No transfer of money from an operating reserve fund or a capital reserve fund shall be made except

7(2)A resolution of a commission under subsection (1) is not effective until approved by council.

10(1)When a municipality ceases to provide a service or a utility or a commission ceases to provide a service, any balance in a service or utility operating reserve fund after the discharge of all debts shall be used by the municipality or the commission for the payment of operating expenses relating to other services which the municipality or the commission is authorized to provide.

10(2)When a municipality ceases to provide a service or a utility or a commission ceases to provide a service, any balance in a service or utility capital reserve fund after the discharge of all debts shall be used by the municipality or the commission for the payment of capital expenses relating to other services which the municipality or the commission is authorized to provide.

10.1(1)When a municipality ceases to own or operate a generation facility, any balance in a generation facility operating reserve fund after the discharge of all debts shall be used by the municipality for the payment of operating expenses relating to services which the municipality is authorized to provide.

10.1(2)When a municipality ceases to own or operate a generation facility, any balance in a generation facility capital reserve fund after the discharge of all debts shall be used by the municipality for the payment of capital expenses relating to services which the municipality is authorized to provide.