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HomeMy WebLinkAboutBy-law 7463/16 The Corporation of the City of Pickering By-law No. 7463/16 A by-law to authorize The Corporation of the City of Pickering to enter into the Agency Agreement, as defined herein, between CHUMS Financing Corporation and Local Authority Services Limited, as Agent, and Eligible Investors with respect to "The One Investment Program" and to authorize the Treasurer to execute the necessary documents fromtime to time for that Purpose. Whereas the Municipal Act provides that the power of a municipality to invest money includes the power to enter into an agreement with any other municipality, school board, college, university, hospital or such other person or classes of them as may be prescribed by regulation for the joint investment of money by those parties or their • agents; And whereas the Corporation proposes to enter into a restated Agency Agreement dated as of March 1, 2010 (the "Agency Agreement") between CHUMS Financing Corporation, a duly incorporated wholly-owned subsidiary of the Municipal Finance Officers' Association of Ontario, and Local.Authority Services Limited, a duly incorporated wholly- owned subsidiary of the Association of Municipalities of Ontario, as Agent, and Eligible Investors, and defined therein, to permit the Corporation to be an investor through "The One Investment Program" for joint investments as set out in the various schedules to the Agency Agreement (the "Portfolios"); And whereas the Council of the Corporation deems it to be in the interest of the Corporation to enter into the Agency Agreement and to enroll in one or more of the One Investment Program Portfolios; And whereas the Treasurer has stated, pursuant to the statement appended hereto, that the investment guidelines of the Agent comply with the Corporation's investment policies and goals; Now, therefore, the Council of the City of Pickering hereby enacts as follows: The Treasurer is hereby authorized and directed to enter into and execute the Agency Agreement and any other necessary documents, including without limitation, enrolment documents and documents in connection with payment services for the Portfolios, and to do anything necessary or desirable, initially and on an ongoing basis, on behalf of the Corporation, to give-effect to the purpose, and the Treasurer is hereby authorized to affix the corporate seal of the Corporation to the Agency Agreement and any other documents which are necessary or desirable to give effect to the Agency Agreement or to the purpose. By-law No. 7463/16 Page 2 By-law passed this 18th day of January, 2016. API , David ' ayor Debbie Shields, Clerk