153.13. The Community may, by by-law, establish a financial reserve for any purpose within its jurisdiction to finance expenditures other than capital expenditures.
The by-law must set out
(1) the purpose for which the reserve is established;
(2) the projected amount of the reserve;
(3) the mode of financing of the reserve;
(4) in the case of a reserve of specified duration, the duration of existence of the reserve;
(5) the allocation of the amount, if any, by which income exceeds expenditures at the end of the existence of the reserve.
The duration of existence of a reserve must be determined, unless such determination is inconsistent with the purpose for which the reserve is established.