HomeMy WebLinkAboutTR-7-81 1� (A)
MEMORANDUM
TO: Ch iv man 8 iVembuus o6 Finance avid Admini6tna t%on Committee
FROM: KZaas Degnoo:t, C.G.A. , Tnea�sune)c
DATE: JanuaAy 12, 1981
SUBJECT: Secun,i ty Bon6
ITEM: TR-7-81
Recommendation:
" That no changes be made in the p�tersent .eeveC o6 ouA btanket po's ti.on
bonds as ,they aae deemed to be �u((,i.c%ev►t. "
Report t:
Recentty a Zettut. wu )teci.ved 6kom the Honotvtabte Thomaz L. WeM, Minf,3teA
o( I ntutgoveAvmtevtta.0 A((a.vt,6, addtims ed to the dead o� Cou.n.cit, which way a
nemindeA that under section 233 (3) of The Mun%ci.pat Act Council " nequaed to
)tev.i.cw trite 'Seetul"ity bond's of .Uts hta(( ) m.io)t to veb)tucc/t.y 15th.
The FideUty Bond wco .Rust nev.i.ewed by Couptae in Jut y o�j 1980, when alt
the Towns imuA tnce was n.eviewed. The Town ccutAim $50, 000 b.Canket po's.i ti.on
band. This type of covena.ge pnov,i,dez (ojt a $50,000 2 nut opt each and eveAy
erttp.Coyee. At the tbtte of the )review in Ju,Cy 1980, 7 "ked the Towns audUo"
Deti.otte, Hamfuws 8 S(z.M. to comment on the adequacy o� thi6 eovehage. They
decU ed to comment .i.n wuU ng, ctrl it 1,6 thiut company po.Ucy not to do so, due
to UabU,ity consideAatians, They did howeveA, comment to me venbaUy that
'i-n-view 0( ant opena.t ng systems and intutnaC contAoLs that the ee.ve.0 of bonding
ass dersc)utbed ecut.Uvt, " adequate to otvt ciAcw)istancM.
� f
K. vegnoot.