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Date Printed: 2009-06-26 Page 1 of 1 Policy 5.11 Incorporated 12 September, 1874 CORPORATION OF THE DISTRICT OF MAPLE RIDGE TITLE: MUNICIPAL LANDS -DISPOSITION OF PROCEEDS UPON SALE
POLICY NO. 5.11 APPROVAL DATE: June 7, 1993 POLICY STATEMENT: Upon the permanent disposition of municipal lands, the proceeds may be placed to the credit of a special fund under Part
7 of the Municipal Act as follows: a) seventy-five (75) percent of the proceeds may be paid into Maple Ridge Capital Works Reserve Fund to be used for the purposes of expenditure in
respect of capital projects and any land, machinery or equipment necessary therefore, including the extension or renewal of existing capital works; and b) the remaining twenty-five
(25) percent of the proceeds may be paid into Maple Ridge Land Reserve Fund to be used for the purposes of land acquisition. PURPOSE: To set a policy to direct that twenty-five percent
of the proceeds from the sale of Municipal lands may be credited to a Land Reserve Fund, to ensure that the Municipality has the resources in the future to acquire additional lands.
DEFINITIONS: Permanent disposition may include the long term leasing and exchange of Municipal lands. Money received from the proceeds of tax sale properties shall be expended in accordance
with Section 380 of the Municipal Act.