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| December
31, 2003 |
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| The
Regional Municipality of York’s sinking fund is a separate fund
maintained for the purpose of providing periodic repayments of all
debts to be retired by means of sinking funds. |
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| 1.
Investments |
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All
investments are purchased with the intention of holding them until
maturity. They are recorded at cost, price adjusted annually for amortization
of discount or premium on a present value basis as determined at the
time of purchase with the amount of such amortization included in
the interest earned on the Statement of Financial Activities and Change
in Fund Balance. The investments have a market value of $1,375,021,
(2002 - $1,173,199).
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| 2.
Actuarial Requirements |
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The
actuarial requirements of the sinking fund represent the amounts levied
during the year as set out in the sinking fund debenture by-law plus
interest thereon capitalized at a rate of 5%, 6% or 8% per annum compounded
annually. Any excess revenue over these requirements is included in
the sinking fund balance. |
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