The Corporation of the Town of Deep River

By-law No. 32-2004

A by-law to amend By-law number 6-88 to adopt a statement of policy with respect to investments.

WHEREAS authority for this by-law is contained in the Municipal Act, 2001, S.O. 2001, c. 25

AND WHEREAS on the 4th day of May, 1988, Council passed By-law number 6-88 to provide for a policy manual;

AND WHEREAS Council now deems it appropriate to amend By-law 6-88 to adopt an additional statement of policy;

THEREFORE the Council of the Corporation of the Town of Deep River

ENACTS AS FOLLOWS:

1.	By-law Number 6-88 is hereby amended by the addition to Schedule 'A' thereof of the statement of policy numbered F12-1 and entitled "Investments" which is attached to this By-law as Schedule 'A'.

2.	This By-law comes into force upon adoption by Council of the Corporation of the Town of Deep River.

READ A FIRST AND SECOND TIME THIS 1st DAY OF DECEMBER, 2004.

READ A THIRD TIME AND FINALLY PASSED THIS 1st DAY OF DECEMBER, A.D. 2004.

Mayor	Clerk-Administrator

Schedule 'A' to By-law 32-2004

The Corporation of the Town of Deep River

STATEMENT OF POLICY

(Schedule 'A' to By-law No. 6-88)

Title:	Investments	Page 1 of 1

Number:	F12-1

Effective Date:	December 1, 2004	By-law Number 32-2004

Application:	This policy is intended to direct the investment of surplus cash, Trust Funds, Reserve and Reserve Funds of the Corporation of the Town of Deep River in accordance with the requirements of the Municipal Act, 2001, S.O. 2001 c.25 and Ontario Regulation 438/97, as amended.

Purpose

The purpose of this policy is to establish standards for the investment of funds in accordance with the Municipal Act, 2001 and Ontario Regulation 438/97.

General Policy

1	The investment powers of the Corporation of the Town of Deep River are delegated to the Treasurer as per Section 418(5) of the Municipal Act, 2001, S.O. 2001 c.25.

2	The Treasurer shall only invest surplus monies in investments authorized by Ontario Regulation 438/97, as amended.

3	When investing surplus monies, the Treasurer shall do so in a prudent manner that ensures the preservation of capital and maintains the liquidity of the Corporation. To this end, portfolio diversification shall be employed when possible.

4	The Treasurer shall obtain legal and financial advice on an investment when the Treasurer, or Council, deems it to be appropriate.

5	The Treasurer shall report to Council the information on investment activities required by Section 8 of Ontario Regulation 438/97, as amended. These reports shall be prepared and submitted semi-annually, at the end of the first and third quarters of each fiscal year.