Investment Policy Re Mortgage on Sale of Municipal Land — full text

This is the exact embedded text of the captured official document. Snapshot 7b311506f2e0 · verified 2026-06-05 · original document · archived snapshot · unofficial consolidation, the official version is held by the municipal clerk.

7 ta_ UT-ROVED this DI intster of N.civa E-r-ti ' -int day 0CA) Vns MUNICIPALITY OF THE COUNTY OF INVERNESS COUNCIL POLICY INVESTMENT POLICY RE MORTGAGE ON SALE OF MUNICIPAL LAND LEGISLATIVE AUTHORITY: MUNICIPAL GOVERNMENT ACT C.18, SECTION 100 PREAMBLE: WHEREAS Chapter 18, Section 100 of the Municipal Government Act provides the authority for the Municipality to establish a policy for the investment of funds held in a Sinking Fund, Capital Reserve Fund, Utility Fund, Depreciation Fund, or other fund of the Municipality. AND WHEREAS the Municipality wishes to establish a policy for the investment of such funds; and, in particular, to permit the Municipality to accept a take-back mortgage on the sale of Municipal land upon certain terms hereinafter set out. POLICY: The policy of the Municipality of the County of Inverness shall be, in addition to the investments permitted pursuant to Section 100 of the Municipal GovemmentAct, to invest in a take-back mortgage of land sold by the Municipality, provided: iervice Nova Scotia and Municipal Bel ROCOMIlifir;dSd fr approva.1 of the iViinice:ar b) the mortgage is for no more than 60% of the appraised value of the land; the mortgage amount is secured by a first mortgage on the land and such other security as may be advised by the Municipal Solicitor; the mortgage bears interest at market interest rates; the amortization term of the mortgage is for no longer than five years; the mortgage shall be a first charge on the land and shall continue as a first charge until it is paid and released. Policy Committee Review: Council - 7 day Notice: Council Approval: Approval: December 8, 2008 December 8, 2008 January 5, 2009 This is to certify that the above policy was approved by the Municipal Council of the Municipality of the County of Inverness on the 5" day of January, A.D., 200 (Z1 CHIEF ADMINISTRATIVE OFFICER