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ONE INVESTMENT TWO APPROACHES TO MUNICIPAL INVESTING • Two approaches to municipal investment: . ⚫ The Legal List - under Section 418 of the Municipal Act The Prudent Investor (PI) Standard - Under Section 418.1 of the Municipal Act MA 2001 S 418 S 418.1 NOTE: City of Toronto is covered under a separate Act and regulations. Under its own Act and regulations, since January 1, 2018, the City has been subject to the Pl standard. Legal list ΡΙ Existing ONE program IB & new products 60

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