HomeMy WebLinkAboutSecurity Deposits - 5.07.pdf
Date Printed: January 24, 2013 Page 1 of 1 Policy 5.07 DISTRICT OF MAPLE RIDGE TITLE: SECURITY DEPOSITS POLICY NO. 5.07 APPROVAL DATE: May 3, 1993 POLICY STATEMENT: The following forms
of security deposits will be acceptable: a) Cash. b) A term deposit redeemable on demand, issued by a financial institution authorized by policy for investment of Municipal funds. c)
An Irrevocable Standby Letter of Credit issued by a financial institution authorized by policy for investment of Municipal funds. PURPOSE: To establish the types of securities that
are acceptable to the Municipality as Security Deposits. Security Deposits are pledged in favor of the Corporation of the District of Maple Ridge to guarantee development cost charge
installment payments and to ensure satisfactory completion of works, as directed by the Building, Engineering and Planning Departments.