Agenda Package - City of Vernon
Agenda Package - City of Vernon
Agenda Package - City of Vernon
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THE CORPORATION OF THE CITY OF VERNON<br />
2008 Annual Report<br />
Schedule <strong>of</strong> Severance Agreements<br />
ln accordance with the requirements <strong>of</strong> the Financial lnformation Acf below is a schedule <strong>of</strong><br />
Severance Agreements and equivalent's month range <strong>of</strong> compensation for the year 2008.<br />
Number <strong>of</strong> Severance Agreements: 0<br />
Range <strong>of</strong> equivalent's months pay: N/A<br />
Approved by: Dated:<br />
Finance Manager<br />
Approved by Council: Dated:<br />
Mayor<br />
Schedule <strong>of</strong> Guarantees<br />
ln accordance with the requirements <strong>of</strong> the Financial lnformation Acl below is a summary <strong>of</strong><br />
Guarantees in effect for the year 2008.<br />
The <strong>City</strong> <strong>of</strong> Vemon has issued an irrevocable letter <strong>of</strong> credit in favour <strong>of</strong> the<br />
Agricultural Land Commission (ALC) as a guarantee to fund works required by<br />
the ALC as a condition <strong>of</strong> a property being removed from the Agricultural Land<br />
Reserve. The property is being developed by the wholly-owned subsidiary,<br />
Hesperia Development Corporation. The amount <strong>of</strong> the guarantee is $716,000.<br />
As <strong>of</strong> December 31, 2008, no drawing on the letter <strong>of</strong> credit has occuned.<br />
Approved by: Dated:<br />
Finance Manager<br />
Approved by Council: Dated:<br />
Mayor<br />
6SlPage<br />
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