Development Related Securities and Deposits
Securities to ensure the performance of obligations detailed in development agreements or permit applications.
Development related securities are required by the town to ensure performance of development related obligations of a developer, builder, or land-owner as detailed in the applicable development agreement or permit application.
Securities may be provided by electronic funds transfer, certified cheque, bank draft, or by unconditional irrevocable stand by letter of credit (referred to as "letter of credit").
Letters of credit must be in a form acceptable to the treasurer or delegate and be issued by only those financial institutions that are acceptable to the town.
The department responsible for the administration of the agreement or permit process is the authority for determining when releases may be made in accordance with their inspection and release processes.
Acceptable financial institutions
- Bank of Montreal
- Bank of Nova Scotia
- CIBC
- HSBC Bank of Canada
- Royal Bank of Canada
- National Bank of Canada
- Toronto Dominion Bank
Unclaimed securities and deposits
Town staff periodically update a listing of securities and deposits which although eligible for release, remain unclaimed. All persons having a claim to funds listed are required to contact the town and prove their claims within 90 days of publication. Upon the expiration of the notice period, funds shall be transferred to the town’s general funds.