I was interested when a while ago I read the part of the wikipedia entry about UWaterloo that talks about the origin of charges in the arms:

Representing Waterloo’s location in the twin cities of Kitchener-Waterloo, the double-chevron is taken from the coat of arms of Earl Kitchener, and the red lions are taken from the symbol of Arthur, Duke of Wellington, the victor at the Battle of Waterloo.

I searched and found a a blazon for the arms of Lord Kitchener which features a white chevron with a blue chevronel. Waterloo’s arms has a black chevron with a white chevronel.

http://www.pvv.ntnu.no/~bcd/rolemaster/novi/her-list.txt

Gules, a  chevron argent, surmounted by another azure, between three bustards  close proper,  in the  center chief  point a bezant.*  Original arms of Lord KITCHENER of Khartoum, NKNP.