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