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FROM: ' dillis Patcraon DATE: Merch 4,1998
DirecWr of Finnnce
REPORT NUMBER: TR 10/98
SUBJECf: InvesUnent Policy
RECOMMENDA770N:
It is recommended thet this Report No.10/98 be received by Council nnd thaL•
1. the Resolution of Council, dated June 23, 1997, approving an Investment Policy,
berepealed;
2. the Invesiment Policy unnched os Schedule A to this Report be approved; and
3. the appropriate officials of the Town of Pickering be authoriud and dirccted to
givc af%ct thereto.
OR1GIN: Town Policy end Ontnrio RegulaQon 438/97.
AUTHORI7'Y:
Regulation 438/97 mudc under thc Municipal Act, R.S.O. 1990, as amcnded.
EINANCIAL IMPLICATIONS:
Thc implemrnmtion of the ncw policy provides for complinnce with new Regulations
pnssed by thc Province in December,1997 end, as such, has no direct financial impact.
BACKGROUND:
OnGvio RogulaGon 438/97, medc under the Municipal Act on December 3, 1997 and
filed on December 5, 1997, has provided a number of new and improved provisions thnt
govem pem�issible municipal invcstmrnts. The Reguladon places more requirements on
municipeliGes in meking their investmrnts and reporting on them, but municipnl finana
officinis believe iLat thesc requiremeots ere prudent ond reasonebla
Tha revised investment polIcy for.the Town, as set out in the ntteched documents, will
ensure tha! the surplus funds of iha Municipelity will be invested at the meximum rate of
� ntum, et minimal riak, end will be in compliencc with the current legisl¢tion rog�letlons.
` Security of principel will bo paramoun�
' "ATfAt?HMENTSt: (1) Inycetment Pol(cy (Scfiedule A) ,
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SCHEDULE A
TOWN OF PICKERINO
REVISED lNVE8TMENT POLICY
POUCY APPUCATION:
This revtsed pol(cy will govem the (nvestment of surplus Revenue (Operatlng) Funds,
Reserves, Resenre Funds, and Trust Funds in accoMance with Regulation 438/97
made under the Mun(cipal Act R.S.O. 1990.
POLICY OBJECTIVES:
Tho four ma)or obJectives af the Town's investrnent policy are:
(1) Comply with roquirements legisiated by the Province of Ontado,
(2) Ensure safety of princfpal,
(3) Maintain adequate Ifquidity, and
(4) Maximize rate of retum while meeting the above objecNves.
� POLICY GUIDELINES:
(1) The maximum tertn-to meturity be 10 years for Reserve Funds and Trust Funds.
(2) The maximum term to maturity be one year for Revenue (Operating) Fund
Investments.
(3) Investments will comply with the rules and condit(ona set out fn Provincial
legislalion end Regulatfon 438/97, as may be amendsd by the Province from
time to time.
EUGIBLE INVESTIAENTS:
As conta(ned in Sect(ons 2 to 7 Incluslve and SocGon 9 oi the atteched Appendix 1,
Ontario Regulatlon 438I9L
REPORTING REQUIREMENTS:
The Dfrector of Finance [o prepare and provide to the Councii each year an (nvestment
report which compiles with the reporqng requ(rements for mun(cipaliUes set out in
$ecUon 8 of Onterio Re�ulaUon 438187.
PLACEMENT OF AN INVE8TIWENT:
Investrnenta may be placed with qualKied brokerage housee, such as R.B,C. 8ecudNea, ,
: Wood Gundy (na.,?,D. Eyergreen, Scotla McLeod, o�wilh a Schedule A@ank, orwith
"One-The Bublic Sector �roup of Funds", as cincumetancea d(ctate. `
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"; Revised Inyostrnant Poitcy {Cont'd.,)
SdFEKEEpINO: I
The instrument may be kept with the fsauing financial tnatitution, a chartared bank, a
recognized cuatodian, or where applicable, wfth 'One-The Publfc Sector Group of
Funda".
MAINTENANCE OF POLICY:
R(s the responsfbility af the Director of F(nance to enaure that ali the investments meet
the term of the revfsed Investment policy,
AUTHORITY FOR THE TOWN TO PARTICIPATE IN "ONE-THE PUBLIC SECTOR
` GROUP OF FUNDS'".
The Director of Finance or his designate Is authorized lo participate in the `One" Fund.
;,'' INVESTMENT PROCEDURE
The Director of Ffnance, or designate, ehall
(1) be responsible for tho placement ot short- and long-term investments;
(2) determine the amount ot funds and terms for which placement can be arran�ed
within the Ifmks of the policy;
(3) obteln competitive bidding, where possfble, betore the ptacement of any '
Investment; and
(4) ePProve all inyesbnents.
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+ '` ;Exenrp�',from the Deceinber 10/97 I�uaue of the T
1'. ":Ontario; Gazette`
v. ,
�` �pendix 1 •
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� ., �p� . THBOMAlUOOA?SIT8IUOAYETtEDBI:ONfiUW O,Re�.h6f97
ti' 0lRAA10 AIGULA710NI3N7 1. Shat iaa wculJn. � ieror d�lki prorfde Mi Ar
:.. . WG YIdY IM' . � � ,. �fIMIP1I IM NMttp IiLLA EC M1lq' 11� �0 IiW �Y mIM
MUMCRAL AC! Q�ri J�a)M dry dw ie�wmw w ade. iLu n Ywly�,
Mk� DarmDr�� I997 l tM Doud of {orena� af � ooG{� of �ple0 �ru �
Rle� DaanOvl,19i7 �uaiop auEU�eea wec wab� ! d"d� Mwrq,l
', , CoC�1nrJU�Iwn4WAa
; 6LICIBL6INVFSThtSNfS
p.-. � a�e p�atle � uudadoo u,uiAa4oa mda �oalo.l a
1. A munkip�fu7 doa eot 6�w iAe pow b hmt nrda wctla QM Gtn� GrwGl Aa. a
16T of Ur Aa lo � wcwlry od�a iErs � fauAry p�wibcd mbr �!a NL � EmrA u delfn�d D �Ee lYBdeNaytnlr Asc
Rqui�tbe.
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- . J. iM toOavN� �n pesctlbed. fa � pryofu d dwfr �Ae letaa+tloal Bmk fa Raauwcdm ud De.ebpntN,
167 l� U) of Uw Act u suvida du� � muakiµGry mry Iarea I�e
1(q A munktpiliry JuA �a Mra Y � kcviry roda
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� � InEeMedaeu bwtd a N+�� p7• Dond. de6enturc. P�ombwry w¢ a evideeee otGdct+udnw 6 Ned.
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. (� EySundvdudPba'�i�c.u'M'mEt{Aer.
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. �a Ne d+r tl�e larnuned htU Eclor me au0ar6
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� W�A�4a - . ierutmenlU�at•wmd�bWueEa{uuN�eedbyCxmvek(pUp.
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ind�bedecu of � to�pa�Uoe Y,
L die boad. GeErntutt a oUrr er{dentt t( InOcEieQaw Y
�awed Dr ifie ud{nmenL b� wpa� u klleid � 0�
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Nrtilay0f Gnd�Mf �ptedbmilt p b Itquhedn m�L
nadu � kdenL porincW a kmroriJ roiwe. �oJ .
il, tIr p�7menu idem.d b le tuDp+ny�pA l a� aRsknt b
� mea tM imounu p�riDM wi0rt 0e bood. daDceouc a
aAu erWenu of Indebtd+w4 Mclu�nt iEe �mowu
� p�r�NeUm�tui�.
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oKaR �utpnncu a s�milu lewunrnu 4wed. �u+rw�eoE ar
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U. a bW tOrpOnQoe ot WA tapOr�dOe tt�(dtttd �f 160
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p)1� Uiii kedo4
'�Aatl•�am dcOf' me�nt �nr O�bt, tAc �emu of wAk6 proridc tM� ihe
pintlpd ud Imuep of �De d�b sM0 De fuiir rryud m 4ia 0�n
�s+an �nu �ne aa i� �:�a
S. A munkip�Ury iM0 ea in.�u N � unriq bsued a NuwceO
Er � Khool Doud a dmilu enGry entc�
p) Jrt money Nud Dr luuin� Ae Kcwiry h b De used fa KEool
purpow: inA
@) uK ucurlry b a k i�piid �n�irty from uxn a�Auia tcde0
on p�opttry, riA �ruw+a �pyropri�Uom mde 6r da jovam•
m�n� d Gnd� a � poiiea a krtiwrydGndi a � mudd•
;�G�ry�,��� combiMdoa d wcA wa, c6u�a. Qum �nd
i. (ll A munkipJiry tfi�D eol fnrW fe � utur(ry �EU b aprtsted:
a p�pbla b �ay cunenry oAa d�n C+ndf+a do0�n.
(7) Su�sMlonpldaaaotyrtreolimunkipGry6vmcondaule�
ui (nre3unenC midc kfae tEt� R�juluion xma Inw force. AN b
upreued ind p�y�6te fn ihe cwrcsry d J�e Utiud Suta of Mwk�
a iAe Ud�td Kln{do'a .
7. Bdae � munkipiGry le�au (e � Ktuiry prambeA orda �if
RejuLiia� dw cwacii of UK euoici{uGql �+n. If it !u �ol druQy
!IL � acAt unia u k+jue b wAkb M MAk Wlon �nl a«��wa�p.�����a�t�e����atim,�a�M�aua
Ca4ui/op�laGriAn�ppOn,a �D1�
Ir.OaRovlasNOotuloSnle Ortfa. �(pU�munkrodtrylurbreaxwY�wcvirypexiibea
P, �adet Q,4 Rquhtla. Ne tonec0 of d�e mndclqary tM� mqWn Or
trwiradAe muekqullq b pqan udpmWe q i!e cawA.ad
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Q)1MUraaneMnponnfmdakwbwnla(q�Adtcewlf. ; 1. (q pppluJJ�Ik�uhdo�uinwmwbr�awclelp� b
Ooada d�mua a ouw InG�6uMw N�oorpor�n m� -6rJas
G) � araaa �Doa � pafmn+�w d u� pad000 N Mu� 4 199]my� 6� coaueaea Y d� Oond dcbeaan a o�r
I�raawuaf�M�eldp�urydwl��tE�pakeeorae0bya Wdebedawbnte4
� W byc,mm,aeaeabdn�sarlatx.a•AM•«N�Err;
(p) �dnptptb�NbdUauudqopatknafdaloWbres�eq
at � ewnk(pUiry 0�1 rt Iavaud M lu o�re be��wm u0 (D)py Dominke Boed Wle� Senice LLalud r'M(bri a
, . rhat�am �avWa b iM bW lovtWnes of � mudel�liq Ai�Att; �. .
ud � daaipbe of 0r eluep, Y ux Is tlut enlmuaa
� popmlaQnnilaprcviaarar'��aC : � (c) h'MoodpYlnvuionSurkatec.u•AO•aW�Aa;a .
(e) � iuwmu Dy Ac rnnun u m wAaM1v a eo4 4 Ah a lv (d) 4p Sundud ud PoorY 4e. u•M' a!I`tkc
opinia. ill kraursnu .wt mda In ttcorA+x� rG6 �b . �. .
�nra�mcm poikla ud jwh iCopced EY � on�P�7: fn If iEe nUoj of a lurewxa wodeue0 unla yu6sealon (�)
� � � hilt bcbw �Le Wndud rcpu4M br Au wbuctfai, Ae munklpMlry
(� a taad of Ne Gu otuch awuUon le a d4po�J of iu ov� a�n un u� �nYaaua r��. so mr, �na o�c ay m� in��u�m
r
faiuida� laclu�e� � tmemeat of tlu pwcAna ud uk plu f�As Edar A e �nnAud
. . of uch saurlry; uM �
� . � � � . 10.0o�doRe�n4tloe7Y!]bmoked. �
� . . � . (Q tucAo�Aerinfmmnba�AuNe�ouneilm�yrtqu4�a�h+lteiM
. . � opinla ot iAe uwura. Rauld be Lieluded !IN)
ONiAR10 REGUL�710N 1J9N7
md� undcr �M
COUItTS OP JUSTICE ACl'
MWr. Nortmpet 19.194T
Approvrd: DecemDa l� 1997
Fkk Decemlal.1991
AmrnE'int Ae�. I �7 of RA0.1990
(Dbuki ol AlRonu qrA Cue Nwj�mem Rula)
Nae: Re�uprion lt1 M� �a Gu� anended U 1997. Far pr{or
uneadmcnu, Ke 0e TiDk o( RcjoLiioe� (n Ae Sumw d
OnwSo,1996.
1. Rd� !t N RerI�dos 1p of tE� Rnf+ed pepbtlom d
Onluiq I990 b nroked ud Ne foOoRla� roDnitulds
REVOCATION . �
)R 7Ta�ruld�nnrokedonDtamDer71,1991.
lIN7
R�GLEAfFM D6 UONfAN10/7919f
pn� rn �pplk,don a I�
L01 SUR LES 7AIBUVAUX JUpICL16tE5
prb k 19 mvemhe 199]
�ppouv! k 7 dhunWe 1991
dlpo�! k! dkemErc �99?
modNuu k R!{L Iq dq R1t0. de 1990
(Rt��a de {ndm du uuw ctnki du dlwin d'�V�onu)
Remuqut: Le Rl�kmaM Ip �Y p+s /tl modifil ea 199Y. Pour la
modi6uBonf NWi�we� voir d T�Dte da il�kmenu
�in��aN�wto�ara,wtoe� is%
1. I,� r1�te lt da Rl��mea 1U En phl�m�oq nfonEm de
1'Oourlode1f90a��Dro�lrhnmpl�cMpu«yd�dl c
ABROCATION
IL La prtxous el�W wo� �ro�(a k)1 dh�mbn 19fL
ONfAR10 AEGULATION IOa97 RECLE�ffM DE L'OtrfAR10 410/97
" � m+Qe undu � prb ea ipy+GaBan & �
COURTS OFJU577CE AGT LOI SUR LES TAIBUNAUX JIJpICIAOtES.
M�dr. Nortmpa 19.1991 prii k 19 nonmht t997
Appoved: DeamDer )� 199! �ppwr! k 7 Ucw�be 1991
F�cd: Dccembcr �.1991 • dfpost k! dfamhe 1997
Amer�n� Re�. It9 of RR0.1990 modilim� k R2�I. IK da RRO. k I990
. . .. " (F�utGHlCueMuu��mcMRu�a) � (Rt{kfdeZ�sUonOc�auuiciHk.id'Eiu�
Ndc: Re�ut�Uoa It9 Eu na Deee unended la 1997. Fa priot Rcmuque: Le Rl�kmcat 119 �4 pu l�f euAillf e� 1997. Pour la
� .. �� ��mtndmtnu, uc ihe T�Dk of RetulWom L� IAa S�oua of modifk�Uow u�61ao�; ro4 q T�DIe da tl�kaeeu
oouda is9s. c wi rt�� a,�� �, � b raw,�ro a� ross.
7. Ruk 11 ot Rqobtlon fif of t6� Redxd Re`cy0ow d 1. I,t rlifr 17 du AltJemmt 119 da Rl�tem�aq refondof d�
Ontarlq19906nroitd�ndlE�(oDo+rin<<oMtlNftAt I'OoW1od�1990estaEroe[eNnmptu&puuqdtdtt
RLVOCATION . ABAOQAi]ON '
N.YAwrvla�nnrotedooDeumMr71,1f91. ILl.updstnlari�tdueUE�(aM�IdtnmDnlfft, �
< lIN7
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�r , ` ; ; :; , � THH COIZDORA77t�N OF THQ �'OWN OF PI KRRiNC7
: S t�� ; �� : .., , � -
„t ^ y BY-LAW NO. koao ieo "
Deing'a bylaw to authorlm The Corpomqon of ,
Uio' 7'owu of ('lokering (tho "Corporalion`7 to
` - � tnvcat monoy JoinUy with blhe� el(giblo Jmestara
�;, 1u Ontario through nn agent aqd lo uuthodzo Iho
Directar of F(nnnco lo cxccula Iho nscessary
;� dacumcnts far lhut pury�osa,
WHIiRHA3 Sect(on 167,4 of lhe Munlc(pal Act provides thnt iha power of a munlc(pality to
invesl moncy includes Ihe powcr lo en(cr inlo an ogreemenl wllB any olher municipnliry, and
- wllh nny scl�ool bowYl, college, universlty, hospilal or auch olher person or cinsses of Iliem as
may be prcscribui by rcgulalion for the jolnt (nveslmrnt of money by Ihosc purlies or qielr
ngenls;
AND WHEIiLAS CHUMS rinancfng Cocpornlion ("CHUMS'�, n duly incocpornlcd wholiy- '
nwned subsidiary oP Ihe Municipal rinance 0((icers' Soc;ety of Onlario, and Locnl Aulhorily
Scrvices Limitaf ("LAS'7, o duly incorpomled wholly-owneJ subsidinry of lBc Associntion o(
Municipnlilics af Onlario, proviJc ns agent through "ONL� - 77ic Public Scctar araup of funds"
inveslmenl funds for joint Inveslmcnts ns sel out In sc8edules lo tho Ag�cement (as I�croina(ler
dc[ined) (lha "Punds'7;
AND Wf ICRL'AS Ihc Council of lho Corporolion dccros it lo bo In tlio inleresl oC Ihc Cory�orolion
lo invest, from timo lo limc, sucli amounls oC moncy hcld in lhe gencral funJ, Ihc cnpilal 4md
nnd rcscrvc funJs, as Ihc Dircclor of �inancc wnsi�crs approprialc Jointly with other Cligible
Investors ihm���h onr er moro of Uu runds;
NOW, T!lEREFORC, TfIE COUNCIL OF TEIF. TOWN OF PlCICCRING IICRCBY
ENAGTS AS FOLLOWS:
1. 77�o agrcement mado txtween CHUMS, LA3, tl�e Corpomtton nnd otl�cr Eligible
Invulors (lho "Agrcemcnt'� is hercby authodzcd aubstanlinliy in Ihe fonm m�de available
lo thc Council nt ils mcctiug helJ on Ihc dny uf ! 998.
2. 1'Im Dircclor uf �tnnnce Is hereby authorizcJ and dircclal lo enlcr inlo onJ excculo, ns Ihc
sole signing afficer oC the Corpornlion, Uio Agramcnt and any other necessary
documcnls nnd lo do nnyUdng ncccssnry or dcsirnblc, on bchalf of thc CorpomUon, to
givc clTcct 1u thc purposc, nnJ tlio Director of Pinnncc is hcreby aulhorizcJ lo a1Tix the
corpom(e senl oCtlie Corporalfon to lha Agreement and lo any opicr documcnfs which aro
necessary or desimblo to give ellect lo Uic Agrccmenl or lo ll�e purposc,
3. Thc Dircclor of finance is heroby aulhodud to invest, from time lo tlmc, such amounls
of money heid in thc general fund, tha cnpilal fund and resrnc funds ns Ihc Dircclor of
,; ` Flnnncc considcrs upproprinle lhrough onc or more of Ihe runds now avaiinble undcr U�c
;}`: Agrcemcnt, as auch funds may bo amrnded or rcpload from limo lo lfmc, anJ ana or
�>, � moco Punds that may 8creaRer be provided under tlie Agreemont from tima to (Lne, as
; � t s such Cunds mny be aznended or npluced from tlme to tlme.
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