HomeMy WebLinkAboutBy-law 7230/12 The Corporation of the City of Pickering
By-law No.7230/12
•Being a by-law to authorize the supply and
• delivery of one new 55 Foot Aerial Quint Fire
Truck in the City of Pickering and the
issuance of debentures in the amount of
$680,000
Whereas Section 11 of the Municipal Act, 2001, as amended, provides that a lower-tier
municipality may pass by-laws respecting matters within the spheres of jurisdiction
described in that Section; and,
Whereas Subsection 401(1) of the Municipal Act, 2001, as amended, provides that a
municipality may incur a debt for municipal purposes, whether by borrowing money or in
any other way; and,
Whereas Subsection 401(3) of the Municipal Act, 2001, as amended, provides that a
lower-tier municipality in a regional municipality does not have the power to issue
debentures; and,
Whereas The Regional Municipality of Durham has the sole authority to issue
debentures for the purposes of its lower-tier municipalities including The Corporation of
the City of Pickering (the "City"); and,
Whereas the Council of the City wishes to proceed with the supply and delivery of one
new 55 Foot Aerial Quint Fire Truck; and,
Whereas before proceeding with the supply and delivery of one new 55 Foot Aerial
Quint, the Council of the City had the Treasurer update the City's Annual Repayment
Limit, the Treasurer calculated the estimated annual amount payable in respect of such
project and determined that such annual amount would not cause the City to exceed the
updated Limit and therefore, Ontario Municipal Board approval is not required as per
Section 401 of the Municipal Act, 2001, as amended, and the regulations made
thereunder;
And whereas after determining that Ontario Municipal Board approval is not required,
the Council of the City approved report CAO 13-12 on the date hereof and awarded
Quotation Q-33-2012 for the supply and delivery of one new 55 Foot Aerial Quint Fire
Truck.
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By-law No 7230/12.
Now therefore the Council of The Corporation of the City of'Pickering hereby enacts as '
follows:
1. That the City proceed with the project referred to as "The supply and delivery of
one new 55 Foot Aerial Quint Fire Truck";
2. That the estimated costs of the project in the amount of$682,606 be financed as
follows:
a) That the sum of$680,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten years at a •
rate to be determined;
b) That the sum of$2,606 be funded from property taxes;
3: That the funds to repay the principal and interest of the debentures be provided
for in the annual Current Budget for the City commencing in 2013 and continuing •
thereafter until the loan is repaid.
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By-law passed this 9th day of July, 2012.
frA
Davi• ayor •
Debbie Shields, City Clerk
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