1998-013 To Adopt a Statement of Investment Policies and Goals with respect to the Investment of Surplus Cash, Reserve and Reserve Funds and Sinking Funds
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97121602.doc
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO, 98- 13
BEING A BY -LAW TO ADOPT A STATEMENT OF INVESTMENT POLICIES AND GOALS
WITH RESPECT TO THE INVESTMENT OF SURPLUS CASH, RESERVE AND RESERVE
FUNDS, AND SINKING FUNDS
WHEREAS pursuant to Section 167 of the Municipal Act, Chapter MAS, RS.O. 1990, as amended, and
Section 7 of Ontario Regulation 438/97 requires that a municipality making investments in securities
prescribed under this Regulation adopt a statement of the municipality's investment policies and goals;
NOW THEREFORE the Council of the Corporation of the Township of Oro-Medonte hereby enacts as
follows:
The Statement of Investment Policies and Goals with respect to the investment of surplus cash, reserve and
reserve funds, and sinking funds be as follows:
1. Policv Application
That this policy will govern the investment of surplus cash, reserve and reserve funds, and sinking
funds of the Corporation in accordance with the Municipal Act, Chapter MAS, R.8.0., 1990, as
amended.
2. Investment Goal
That the goal of this policy is to invest all available funds of the Corporation in a prudent manner
so as to maximize the rate of return while minimizing the degree of risk and ensuring an adequate
level ofliquidity.
3, Eligible Investments
That all investments by the Corporation will be subject to Section 167 of the Municipal Act and
Ontario Regulation 438/97. The Corporation may invest in, but is not limited to, certain bonds,
debentures, promissory notes and other evidence of indebtedness issued or guaranteed by Canada,
a provincial government of Canada, or a mnnicipal government of Canada, including the
Corporation itself, and deposit receipts, deposit notes, certificates of deposit or investment,
acceptances, and similar instruments issued or guaranteed by a bank listed in Schedule I or II to
the Bank Act (Canada). In particular, the Council considers its Notice Chequing Accounts to be a
fonn of short term investment at an acceptable rate of return.
4. That the Treasurer prepare and provide to the Council each year, an investment report.
5. That this By-law shall come into force and take effect on the final date of passing.
BY-LAW READ A FIRST AND SECOND TIME THIS 4th DAY OF February
,1998.
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 4 th DAY OF February,
1998.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
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Mayor, Ian Beard
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Clerk, Lynda Aiken
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