40(3) All money received by a municipality under an agreement entered into under this section shall be paid into a special account and,
(a) the money in that account shall be applied for the same purposes as a reserve fund established under the Municipal Act, 2001 or the City of Toronto Act, 2006, as the case may be;
(b) the money in that account may be invested in securities in which the municipality is permitted to invest under the Municipal Act, 2001 or the City of Toronto Act, 2006, as the case may be;
(c) earnings derived from the investment of the money in the special account shall be paid into that account; and
(d) the auditor of the municipality, in the auditor’s annual report, shall report on the activities and position of the account. 2002, c. 17, Sched. B, s. 13 (1); 2006, c. 32, Sched. C, s. 47 (6).