2007-10-16_Supplemental Agenda Packet--Dossier de l'ordre du jour supplémentaire
City of Saint John
Common Council Meeting
Tuesday, October 16, 2007
Supplemental Agenda
Special Meeting
Re: 1.0 Indemnification
City of Saint John
Seance du conseil communal
Le mardi 16 octobre 2007
L'ordre du jour supplementaire
Reunion extraordinaire
Alinea 1.0 Convention d'indemnisation
I {, D
pt'
City Solicitor's Office
Bureau de l'avocat municipal
P.O. Box/C.P. 1971
Saint John, NB/N.-B.
Canada E2L 4L 1
www.saintjohn.ca
October 16, 2007
Common Council of
The City of Saint John
Your Worship and Councillors:
Re: Indemnification of Bank of Nova Scotia
The City of Saint John
A cheque issued on the City's account was stolen, altered and negotiated. The
account to which the proceeds of the cheque were credited was identified and
frozen. The financial institution with whom the latter account had been
established has delivered the proceeds of the account to the Bank of Nova
Scotia in exchange for the latter's indemnification. The Bank of Nova Scotia
is now prepared to credit the City's account with the money returned on
condition that the City provides the Bank of Nova Scotia with similar
indemnification. This is appropriate and consequently I would recommend
that Council adopt the following resolution:
RESOLVED that the Mayor and Common Clerk be authorized
to execute an indemnification in a form approved by the City
Solicitor in favour of the Bank of Nova Scotia in connection
with the depositing by the Bank to the credit of the City's
account monies obtained from the unlawful negotiating of a
cheque issued by the City of Saint John.
Respectfull y Submitted,
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