Securities Policies

Related procedure

F-FPC-002-001 Development Securities Procedure

Policy statement

The Corporation of the Town of Oakville (hereinafter referred to as the town) regulates and administers various initiatives within the municipality in accordance with applicable standards, codes and legislation. To ensure compliance to these requirements the town may require that deposits or securities be submitted in connection with the related approval processes including, but not limited to:

  • Pre-servicing, servicing, subdivision, or condominium development agreements;
  • Site plan, re-zoning or land division applications;
  • The issuance of a building permit or a conditional building permit
  • The issuance of a site alteration, tree or road cut permit
  • Improvements to existing sites, where site plan approval or building permit is not required
  • Damage deposits
  • The procurement of supplies and services

Purpose

This policy supports the establishment of procedures to:

  • Identify the responsibility for the determination of the value of deposit or security requirements, through various means such as, town by-law, rate or calculation of an amount sufficient to cover costs of completing/rectifying works etc.
  • Establish responsibility for the custody and monitoring of deposits or securities
  • Establish authority and procedures for acting on deposits or securities, and
  • Identify procedures for determining when unclaimed deposits or securities will be forfeited to the town.

Scope

This policy applies to all processes administered by the town that would require a deposit or security to be posted to ensure that the obligations required under those approval processes are met.

Policy details

Policy Number: F-FPC-002
Section: Finance
Sub-Section: Financial Planning Control
Author: Financial Planning
Authority: Council
Effective Date: 2013 Dec 16
Review by Date: 2018

References

Development Charges By-law
Purchasing By-law
Road Cut By-law
Site Alteration By-law
Site Plan Agreement
Subdivision/Development or Condominium Agreement
Building Policies, Procedures and By-laws
Planning Policies, Procedures and By-laws