HomeMy WebLinkAboutBy-law 5232/98THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 5232/98
Being a by-law to authorize The Corporation of
the Town of Pickering (the "Corporation") to
invest money jointly with other eligible investors
in Ontario through an agent and to authorize the
Director of Finance to execute the necessary
documents for that purpose.
WHEREAS Section 167.4 of 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, and
with any 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 CHUMS Financing Corporation ("CHUMS"), a duly incorporated wholly-
owned subsidiary of the Municipal Finance Officers' Society of Ontario, and Local Authority
Services Limited ("LAS"), a duly incorporated wholly-owned subsidiary of the Association of
Municipalities of Ontario, provide as agent through "ONE - The Public Sector Group of Funds"
investment funds for joint investments as set out in schedules to the Agreement (as hereinafter
defined) (the "Funds");
AND WHEREAS the Council of the Corporation deems it to be in the interest of the Corporation
to invest, from time to time, such amounts of money held in the general fund, the capital fund
and reserve funds, as the Director of Finance considers appropriate jointly with other Eligible
Investors through one or more of the Funds;
NOW, THEREFORE, THE COUNCIL OF THE TOWN OF PICKERING HEREBY
ENACTS AS FOLLOWS:
The agreement made between CHUMS, LAS, the Corporation and other Eligible
Investors (the "Agreement") is hereby authorized substantially in the form made available
to the Council at its meeting held on the 9tlttay of l~ar~ 1998.
The Director of Finance is hereby authorized and directed to enter into and execute, as the
sole signing officer of the Corporation, the Agreement and any other necessary
documents and to do anything necessary or desirable, on behalf of the Corporation, to
give effect to the purpose, and the Director of Finance is hereby authorized to affix the
corporate seal of the Corporation to the Agreement and to any other documents which are
necessary or desirable to give effect to the Agreement or to the purpose.
The Director of Finance is hereby authorized to invest, from time to time, such amounts
of money held in the general fund, the capital fund and reserve funds as the Director of
Finance considers appropriate through one or more of the Funds now available under the
Agreement, as such Funds may be amended or replaced from time to time, and one or
more Funds that may hereafter be provided under the Agreement from time to time, as
such Funds may be amended or replaced from time to time.
BY-LAW read a first, second and third time and finally passed this 9 th day of lUlarch ,1998.
Wayne Arthurs~Mayor
Bruce Taylor, Clerk