3188-2015 Municipal Funding Between AMO and Augusta
BEING A BY-LAW TO AUTHORIZE MUNICIPAL FUNDING AGREEMENT FOR THE TRANSFER OF FEDERAL GAS TAX FUNDS BETWEEN THE ASSOCIATION OF MUNICIPALITIES OF ONTARIO AND TOWNSHIP OF AUGUSTA
Passed by Council August 24, 2015
THE CORPORATION OF THE TOWNSHIP OF AUGUSTA
BY-LAW NUMBER 3188-2015
A BY-LAW TO AUTHORIZE MUNICIPAL FUNDING AGREEMENT FOR THE
TRANSFER OF FEDERAL GAS TAX FUNDS BETWEEN THE ASSOCIATION OF
MUNICIPALITIES OF ONTARIO AND TOWNSHIP OF AUGUSTA
WHEREAS the Municipality wishes to enter into an Agreement in order to participate in
the federal Gas Tax Fund;
AND WHEREAS the Municipality acknowledges that Funds received through the
Agreement may be invested in an interest bearing reserve account for a maximum of five
(5) years;
AND WHEREAS section 23.1 of the Municipal Act, 2001 authorizes a municipality to
delegate its powers and duties under the Municipal Act, 2001, including _those related to
investments;
AND WHEREAS the One Investment Program provides Ontario municipalities an
opportunity for competitive investment returns and diversification of investments,
AND WHEREAS the Association of Municipalities of Ontario has worked with the One
Investment Program to develop specific investment options for a municipality’s Gas Tax
Funds,
AND WHEREAS the Treasurer confirms that the One Investment Program complies with
the Corporation’s Investment Policy;
Now THEREFORE, the Council of the Township of Augusta, a municipal corporation
pursuant to the Municipal Act, 2001.enacts as follows:
1. That the Mayor and CAO/Clerk are hereby authorized to execute this Municipal
Funding Agreement for the transfer of federal Gas Tax Funds between the
Association of Municipalities of Ontario and Township of Augusta as in Schedule A
attached hereto.
2. That the Corporation authorizes the appointment of the Association of
Municipalities of Ontario, as the Municipality’s delegate for the investment of the
municipality’s Gas Tax Funds in the specific Gas Tax investment options offered
through the One Investment Program.
3. That the agreement attached hereto as Schedule A shall form part of this by-law.
4. That this By-Law shall come into force and effect on the day that it is passed.
Read a first, second, and third time and finally passed this 24th day of August 2015.
Signed by Mayor Doug Malanka and Clerk Pierre Mercier