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Money

From Page 1
‘from the federal government
that the money was safe.

_Humphreys, who said he
was. initially concerned, told
the News: ‘“‘We have an
assurance that the federal
government will recoup our
deposits and the deposits of
other municipalities.”’

Still, in a memo to coun-
vil, director of finance
George Horwood outlined a
number of problems facing
the municipality including
‘the potential loss of interest
income aiter September 15
of this year.

“Horwood said. the
municipality does not have
access to the principle funds
until the Northland Bank
situation is resolved. _

“If the Northland Bank
achieves some amalgamation
or buyout it is likely that the
$1.3 million will be fully re-
covered and at worst could
be tied up without our access
to it past maturity date,’’
Horwood said.

“It appears that interest
will’ stop accumulating at
1985 September J (the mayor
updated that date to
September 15) until a solu-
tion is found to Northland
Bank," he said.

The assets. of the Nor-
thland Bank have been
frozen by Finance. Minister
Michael “ Wilson and the
Bank of Canada due to the

Northland Bank’s inability’ -

to continue profitable opera-
tions. .” re
The municipality depos-

ited” $300,000 in capital.

funds on June 13, 1985
which will come due
September 18, 1985. In addi-
tion, there are operating
funds of $1,000,000 invested
on July 5, 1985 and due on
October 25, 1985,

When asked by the News

, why the deposit took place

in Nerthland considering the
questions surrounding Nor-
thland at that time,
municipal clerk Doug Allan
would ‘only smile.and say,
“That’s an interesting ques-

Only $60,000 of the
municipality’s deposits are
insured, while the balance of
$1,240,000 are uninsured.

Mayor Humphreys told
council he was in constant
contact with Capilano MP

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Mary Collins and that in-
formation was constantly
being updated on the situa-
tion.

Horwood, however, said,
“Details are not precise and
are somewhat contradic-
tory,’’ adding that ‘‘it ap-
pears that the federal gov-

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legislation that will fully
protect the ‘uninsured’ de-
posits of the bank.”’

In another paper released
by council, titled Investment
of Municipal Funds, council
was told that as of
September 1, 1985,
$18,171,350 in operating
funds was on deposit in
various institutions, in-
cluding government, major
and minor banks and credit
unions, :

According to that docu-
ment «hich contained a set
of in\c tment guidelines, in-
vestments ‘‘should reflect
the credit worthiness of the
institution.”’

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