I took the attached report…

I took the attached report and comment on ERO 019-9198 to Council for their endorsement on October 8th. In short, for this to be effective for small municipalities, the Province needs to have a central registry of those approved insurance providers licensed to offer Surety Bonds and also to provide their credit ratings or update credit rating on a regular basis. While municipalities would still have to monitor the credit worthiness of the surety company, there would be a central location to draw the details from. This is the main reason that the Township of Scugog has not yet adopted the policy to allow Surety Bonds as security for development agreements. We do not currently issue debt as that is a regional responsibility and therefore do not currently have a relationship with credit rating agencies.