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unofficial consolidation, the official version is held by the municipal clerk.
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THE CORPORATION OF THE TOWNSHIP OF O'CONNOR
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MUNICIPAL INVESTMENT POLICY
POLICY STATEMENT:
It is the policy of the Township of O'Connor to invest municipal funds in a manner
which will provide the highest rate of return with the maximum security while meeting
the daily cash flow demands of the municipality and complying with Section 418 of
the Ontario Municipal Act 2001, as amended and Ontario Regulation 438/97 Eligible
Investments and Related Financial Agreements, as amended.
PURPOSE: The purpose of this Policy is to establish and maintain practices and procedures, in
regards, to investing public funds.
1. GUIDING PRINCIPLES:
1.1.1. Adhere to Statutory Requirements
All investment activities shall comply with the relevant sections of any applicable
legislation and related regulations.
1.1.2. Preservation of Principal
Safety of principal is a primary objective of the Investment Policy. Investments
shall be undertaken in a manner that seeks to ensure the preservation of the
principal in the overall portfolio.
1.1.3. Maintenance of Liquidity
Liquidity is measured by the ease with which investments can be converted to
cash. The investments shall remain sufficiently liquid to meet all operating or
cash flow requirements.
1.1.4. Competitive Rate of Return
The Township's funds shall be invested to maximize the rate of return, without
compromising the legality, security or principal, and liquidity objectives outlined
above. Investments are generally limited to relatively low risk securities in
anticipation of earning a fair return relative to the assumed risk.
2. SCOPE
This policy applies to all investments made by the Township on its own behalf and on
behalf of the O'Connor Free Methodist Cemetery to which the Township of O'Connor has
been appointed as trustee of its Care and Maintenance Fund.
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THE CORPORATION OF THE TOWNSHIP OF O'CONNOR
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3. RESPONSIBILITIES
3.1.
Authority
All long-term investments for the Township are to be authorized by Council. Long-term
investments are those with original maturity dates exceeding 365 days.
The authority to invest in short-term investments and to manage and implement the
investment program is granted to the Clerk-Treasurer who is responsible for ensuring
that all Township investments conform to this Policy.
3.2.
Reporting
The Clerk-Treasurer, in accordance with Section 8(1) of O.Reg. 438/97, will submit to
Council an annual report on investment activity and returns.
4. INVESTMENT - INSTRUMENTS
4.1.
Guaranteed Investment Certificate (GIC)
Investments which are direct obligations of or guaranteed by the Canadian Imperial
Bank of Commerce (CIBC) Global Transaction Banking, in particular the CIBC
Special Offer GIC.
4.2.
ONE-The Public Sector Group of Funds
Money Market Fund and/or High Interest Savings Account (HISA). Surplus municipal
funds, as determined by the Clerk-Treasurer, shall be invested in either the Money
Market Fund or HISA depending on current interest rates.
5. REVIEW
Council shall review this policy annually and update it, as necessary.
EFFECTIVE DATE:
This policy is in effect as of September 27, 2021