HomeMy WebLinkAboutBy-law No. 1999-037 CORPORATION OF THE
MUNICIPALITY OF BAYHAM
BY-LAW NO. 99-37
A BY-LAW TO PROVIDE AN AGREEMENT
WITH CHUMS FINANCING CORPORATION,
LOCAL AUTHORITY SERVICES LIMITED
AND ELIGIBLE INVESTORS
WHEREAS the Corporation of the Municipality of Bayham(the"Municipality") desires to
execute an Agency Agreement, as defined herein,between CHUMS Financing Corporation and
Local Authority Services Limited, as Agent, and Eligible Investors with respect to "ONE—The
Public Sector Group of Funds"and to authorize the Treasurer to execute the necessary
documents for that purpose;
WHEREAS 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;
WHEREAS the Corporation proposes to enter into an Agency Agreement dated as of May 31,
1999(the"Agency Agreement")between CHUMS Financing Corporation, a duly incorporated
wholly-owned subsidiary of the Municipal Finance Officers' Society of Ontario,and Local
Authority Services Limited, a duly incorporated wholly-owned subsidiary of the Association of
Municipalities of Ontario, as agent, and Eligible Investors, as defined therein, to permit the
Corporation to be an investor,through the"ONE-The Public Sector Group of Funds" investment
funds for joint investments as set out in schedules to the Agency Agreement(the"Funds");
WHEREAS the Council of the Corporation deems it to be in the interest of the Corporation to
enter into the Agency Agreement and to enroll in the Funds;
THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY
OF BAYHAM ENACTS AS FOLLOWS:
1. THAT the Agency Agreement is hereby authorized substantially in the form made
available to the Council at its meeting held on the 20th day of May, 1999.
2. THAT the Treasurer is hereby authorized and directed to enter into and execute, as the
sole signing officer of the Corporation, the Agency Agreement and any other necessary
documents,including without limitation enrolment documents in connection with
payment services for the Fund, and to do anything necessary or desirable, on behalf of the
Corporation,to give effect to the purpose, and the Treasurer is hereby authorized to affix
the corporate seal of the Corporation to the Agency Agreement and to any other
documents which are necessary or desirable to give effect to the Agency Agreement or to
the purpose.
READ A FIRST,SECOND, AND THIRD TIME and finally passed this 20th day of May,
1999.
-Aria r all fay
C ERK