HomeMy WebLinkAboutTR 05/98
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REPORT TO COUNCIL
FROM:
Gillis A. Paterson
Director of Finance
DATE:
January 20, 1988
REPORT NUMBER: TR 05/98
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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.
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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.....
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(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.
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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.
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January 20, 1998
Report to Council #TR 05198
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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.
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ATTACHMENTS:
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Gillis A. Paterson
GAP/md
Copy: General Manager
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