HomeMy WebLinkAboutBy-law 7249/12 The Corporation of the City of Pickering
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By-law No.7249/12
Being a by-law to authorize the Architectural
& Engineering Services and Construction of
the Pickering Indoor Soccer Facility in the
City of Pickering, and the issuance of
debentures in the amount of$4,875,000
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 debenture financing for the
Architectural & Engineering Services and.Construction of the Pickering Indoor Soccer
Facility project; and
Whereas the Council of the City wishes the Architectural & Engineering Services
component to proceed in respect of the Pickering Indoor Soccer Facility project; the
tendering of the Construction component to follow after the Architectural & Engineering
Services component has been completed; and,
Whereas before the Council of the City authorizes the issuance of debentures for the
Architectural & Engineering Services and Construction of the Pickering Indoor Soccer
Facility project on the date hereof 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;
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BY-LAW NO. 7249/12 Page 2
• And whereas after determining that Ontario Municipal Board approval is not required,
• the Council of the City approved report CS 50-12 on the date hereof and engaged the
services of Rounthwaite Dick and Hadley Architects Inc. for the Architectural &
Engineering Services component for the Pickering Indoor Soccer Facility project;
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""Architectural & Engineering
Services and Construction of the Pickering Indoor Soccer Facility";
2. That the estimated costs of the project in the amount of$4,876,089.89 be financed
as follows:
a) That the sum of$4,875,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed 15 years at a
rate to be determined;
b) That the sum of$1,089.89 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 or such subsequent
411 year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 19th day of November, 2012.
Doug Dickerson, (Acting) Mayor
Lisa Harker, (Acting) City Clerk
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