HomeMy WebLinkAboutBy-law 7288/13The Corporation of the City of Pickering
By -law No. 7288/13
Being a by -law to authorize the Liverpool
Road Reconstruction and Minor Storm Sewer
Repair from Ilona Park Road to Krosno
Boulevard project in the City of Pickering and
the issuance of debentures in the amount of
$495,000.00
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 of Pickering wishes to proceed with debenture
financing for the Liverpool Road Reconstruction and Minor Storm Sewer Repair from
Ilona Park Road to Krosno Boulevard project; and,
Whereas before authorizing the construction in respect of the Liverpool Road
Reconstruction and Minor Storm Sewer Repair from Ilona Park Road to Krosno
Boulevard project, the Council of the City of Pickering 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 of Pickering approved Report ENG 10 -13 on the date hereof and
awarded Tender No. T -13 -2013 for the Liverpool Road Reconstruction and Minor Storm
Sewer Repair from Ilona Park Road to Krosno Boulevard project;
By -law No. 7288/13
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 "Liverpool Road Reconstruction
and Minor Storm Sewer Repair from Ilona Park Road to Krosno Boulevard ";
2. That the estimated costs of the project in the amount of $499,477.00 be financed as
follows:
a) That the sum of $495,000.00 be financed_by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten years;
b) That the sum of $4,477.00 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, 2013.
David- Ryan,
Debbie Shields, City Clerk