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HomeMy WebLinkAboutTR 05/98 -, ,till OF PIC ~o_% iE .Lk. ~ ., REPORT TO COUNCIL FROM: Gillis A. Paterson Director of Finance DATE: January 20, 1988 REPORT NUMBER: TR 05/98 \ sun.JECT: Confirmation of Fidelity Insurance for 1998. RECOMMENDATION: It is recommended that this Report be received and forwarded to Council for information. ORIGIN: This report is to fulfill the legislative requirement that Council be informed each year of the fidelity insurance coverage afforded the Town. AUTHORITY: Municipal Act R.S.O. 1990, as amended. .- FINANCIAL IMPLICATIONS: The purchase of Fidelity Insurance is included in the Town's annual Operating Budget. nACKGROUND: Section 92 of the Municipal Act R.S.O. 1990 states in part: "( I) Evcry Treasurer, Deputy Treasurer and Collector and every other Officer of the Corporation, as Council may require, ... shall give annually such security as the Council directs for the faithful performance of such duties..... (2) The security to be given shall be by the bond, policy or guarantee contract..... .,// (3) It is the duty of Council, at a meeting held not later than the 15th day of February in every year... to require the production before it of every bond, policy or guarantee contract required under this section." Discussion: All employees of the Town of Pickering and the Town of Pickering Public Library are bonded to the extent of$I,OOO,OOO.OO per loss. - In addition, the Director of Finance, Treasurer, Deputy Treasurer and Manager of Accounting, when acting with respect to any agency or board are bonded in the same amount and manner as when acting in the capacity of officers of the Town of Pickering. - 2- - January 20, 1998 Report to Council #TR 05198 , , This report confirms that Fidelity coverage for employees of the Town of Pickering with a limit of $1 ,000,000.00 is currently in place with The General Accident Assurance Company of Canada, The Guarantee Company of North America and Lombard General Insurance Company of Canada lor the period July 1, 1997 to July 1, 1998, inclusive, at a premium of $3,423.00 plus PST of$273.84 for a total of $3,696.84. \ ATTACHMENTS: - ~eC--~ Gillis A. Paterson GAP/md Copy: General Manager .--/ - .... '. .-. . '--,., ~-. ~--.. ~.. '.' ..