HomeMy WebLinkAboutBy-law 7285/13The Corporation of the.City of Pickering
By -law No. 7285/13
Being a by -law to authorize the Supply and
Delivery of One New Current Model Year
Road Grader project in the City of Pickering
and the issuance of debentures in the
amount of $220,000.00
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
Supply and Delivery of One New Current Model Year Road Grader project; and
Whereas before the Council of the City authorizes the Supply and Delivery of One New
Current Model Year Road Grader project, 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 was not required prior to City Council's authorization 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 PW 04 -13 on the date hereof and awarded
Quotation No. Q -23 -2013 for the Supply and Delivery of One New Current Model Year
Road Grader project.
By -law No. 7285/13 Page 2
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 "Supply and Delivery of One
New Current Model Year Road Grader ";
2. That the estimated costs of the project in the amount.of $224;757..00 be financed as
follows:
a) That the sum of $220,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five years;
b) That the balance of $4;757.00 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 2014 or such subsequent
year in. which the debentures are issued and continuing thereafter until the
debenture financing: is repaid.
By -law passed this 17th day of June, 201.3.
David Rya ay
Debbie Shields, City Clerk