HomeMy WebLinkAboutBy-law No. 1998-005 CORPORATION OF THE
MUNICIPALITY OF BAYHAM
BY-LAW NO. 98-05
BEING A BY-LAW TO AUTHORIZE THE
CORPORATION OF THE MUNICIPALITY
OF BAYHAM(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
Municipality 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
def ned as the "Funds");
AND WHEREAS the Council of the Corporation of the Municipality of Bayham 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,the capital fund and the reserve fund, as the Treasurer considers appropriate jointly
with other Eligible Investors through one or more of the Funds;
THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF
BAYHAM ENACTS AS FOLLOWS:
1. THAT the agreement appended to and forming part of this by-law, made between CHUMS,
LAS,the Corporation and other Eligible Investors(the "Agreement")is hereby authorized
substantially in the form made available to the Council at its meeting held on the 5th clay of
January, 1998.
2. AND THAT the Treasurer is hereby authorized and directed to enter and execute,as the
sole signing officer for the Corporation,the Agreement and any other necessary documents
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 Agreement and to any other documents which are necessary or desirable to give effect
to the Agreement or to the purpose.
3. AND THAT the Treasurer is hereby authorized to invest, from time to time, such amounts
of money held in the general fund,the capital 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 NO.98-05
Page 2
READ A FIRST AND SECOND TIME this 5th day of January, 1998.
READ A THIRD TIME AND FINALLY PASSED this 5th day of January, 1998.
1�IAYOR CL RK