HomeMy WebLinkAboutTR 05-98' ' 3i
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REPORT TO COUNCIL
FROM: Gillis A. Pnterson DATE: lanuury 20, 1988
Dircctor of Financc
REPORT NUMBER: TR OS/98
SUHJECT: Confirmation of Fidcliry insumncc for 1998.
ItECOMMENDATION:
Il is rcco nmcnJcd that this Report Ix: rcccivcd and fonvardcJ to Council for
infortnution.
ORIGIN: 1'his rcport is to fulfill thc Icgislati�•c rcquiremcnt Ihat Council bc infomud
wch ycar of thc lidclity insuruncc co�•crugc ufliirJcd Ihc To�m.
AUTNORITY: Municipal Act R.S.O. 1990, ac umendcd.
FINANCIAL IMPLICATIONS:
BACKGROUND:
Dhcua�ion:
'fhc purchasc of Pidclity Insurancc is includcJ in Ihc'I'own's annuul
Operuting I3udgct.
Section 9.2 of ihc Municipal Acl R.S.O. 199D stalcs in part:
"(I ) Evcry Trcasurcr, Dcputy Treasurcr nnJ CoIlcclor unJ cvcry othcr Of(iccr of thc
Corpomtion, ns Cauncil may requirc, ... shnll givc annually such sccurity as Ihc
Council Jirccts for thc fnithful perfortnancc of such dutics.....
(2) Thc sccuriry to bc given shall bc by thc bond, palicy or guarnntcc
wntracL....
(3) It is thc duty of Council, at n mccting hcld not latcr thnn thc I Sth day of
Pcbruary in evcry ycnr... to rcquirc thc proJuction bcforc it of evcry bond, �xilicy
or guarnntcc wntmct rcquircd undcr this scction:'
All employces of lhc To�m of Pickering and thc Tu«m of I'ickcring I'uhlic
Librnry nrc bondcJ to thc cxtent of S I,000,000.00 per loss.
In addiQon, thc Dircctor of rinancc, Trcacurcr, Dcpury Trcasurcr nnd Manngcr of
Accounting, when ucting with rcspect to any agency or Iwan! arc bondaf in thc
somc amount ond mnnncr as whcn ncting in thc capncity of officcrs of thc 1'o���n
of Pickcring.
, , .
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.2.
Januory 20.1998
Rcport to Council NTR 05198
'i�is rc�wrt confim�s thut fiJclily rovcrogc fur cmpluyccs of Ihc'Poµn of I'ickcring with
ti limit of SI,OOO,U00.00 is currcnlly in placc with 7'hc Gcncral AcciJcnt Assur�ncc
Company of Canada, Thc Guaruntcc Compnny of Narth Amcrica unJ Lomb;uJ (icncrul
Insurancc Cnmpuny of Cnnada for thc perioJ July 1, 1997 to July 1,1798, inclusivc, at
n prcmium of E3,423.00 plus PS'f of S?73.84 fur u totni of S3,G96.84.
ATTACIIMF.NTS:
! --�
Gillis A. Patcrson
OAP/md
Capy: Gencml Munagcr