HomeMy WebLinkAboutFIN 04/99
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REPORT TO COUNCIL
FROM:
Gillis A. Paterson
Director of Finance & Treasurer
DATE: February 8, 1999
REPORT NUMBER: FIN 04-99
SUBJ ECT: Confirmation of ridelity Insurance for 1999
I{J~COMMENDATION:
It is recommcnded that this rcport bc received and forwarded to Council for infonnation.
ORIGIN:
Director of Finance & Treasurer
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AUTHORITY:
Municipal Act R.S.O. 1990, as amcnded, Section 92.
FINANCIAL IMPLICATIONS:
The purchasc of Fidelity Insurance is included in thc Town's annual Current Budget.
EXECUTIVE SUMMARY:
Not Applicable
BACKGROUND:
Section 92 of the Municipal Act, R.S.O. 1990, as amended, states in part:
"(I)
Every Treasurer, Deputy Treasurer and Collector and every other officer of the
corporation, as council may require,... shall give annually such security as the council
dirccts for the faithful pCrf0ll11anCe of such duties...
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(2) The security to bc givcn shall be by the bond of an insurcr...
(3) It is the duty of council, at a mceting held not later than the 15th day of February in
every year... to require the production before it of every bond, policy or guarantee
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Report to Council FIN04-99
Date: February 8,1999
Subject: Confirmation of Fidelity Insurance for 1999
Discussion:
All employees of the Town of Pickering and the Town of Pickering Public Library are bonded to
thc extent of$I,OOO,OOO.OO per loss.
In addition, the Director of Finance and Treasurer, Deputy Treasurer, Manager of Accounting,
and Manager of Financc, when acting with respect to any agcncy or board are bonded in the samc
amount and manner as when acting in the capacity of officers of the Town of Pickering.
This rcport confirms that Fidelity coveragc for cmployees 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 Guarantce Company of North America and Lombard General Insurance Company
of Canada for the period July 1, 1998 to July I, 1999, inclusive at a premium of $3,423.00 plus
PST of $273.84 for a total of $3,696.84, unchanged from last year.
ATTACHMENTS:
Not Applicable
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Approved / Endorsed By:
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~Gillis A. Paterson
Director of Finance & Treasurer
GAP/vw
Recommended for the consideration of
Pickering Town Council
Thomas J. Quinn, Chief Administrative Officer
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