HomeMy WebLinkAbout95-73 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW NUMBER 95-73
Being a by-law to authorize
the Corporation of the Municipality of Clarington
("the Corporation") to invest money jointly with
other eligible investors in Ontario through
an agent and to authorize the Treasurer
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 per Report TR-3-95, Review of Municipal Investment Policy, Council
authorized Municipal Investment Pools as an acceptable investment alternative;
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 and the
reserve fund, as the Treasurer considers appropriate jointly with other Eligible Investors through
one or more of the Funds;
NOW THEREFORE, Be It Enacted and It Is Enacted as a By-law of the Corporation of the
Municipality of Clarington as follows:
1. That the Agreement made between CHUMS, LAS, the Corporation and other
Eligible Investors (the "Agreement") is hereby authorized;
2. That the Mayor and Treasurer be hereby authorized and directed to enter into and
execute the Agreement. That the Treasurer be hereby authorized and directed to
execute any other necessary documents and to do anything necessary or desirable,
on behalf of the Corporation, to give effect to the purpose, and the Clerk 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; and
3. That the Treasurer or alternate, is hereby authorized to invest, from time to time,
such amounts of money held the in general fund and the reserve fund as the
Treasurer 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 and second time this 29th day of May 1995.
By-Law read a third time and finally passed this 29th day of May 1995.
Mayor
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Clerk