HomeMy WebLinkAboutBy-law 7476/16 The Corporation of the City.of Pickering
By-law No.7476/16
Being a by-law to authorize the Delaney Arena
Improvements at the Pickering Recreation
Complex project in the City of Pickering and
the issuance of debentures in the amount of
$2,249,000.00.
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
Delaney Arena Improvements at the Pickering Recreation Complex project; and
• Whereas before authorizing the construction in respect of the Delaney Arena
Improvements at the Pickering Recreation Complex 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 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 CR 05-16 on the date hereof and awarded
Tender No. T-1-2016 for the Delaney Arena Improvements at the Pickering Recreation
Complex project;
By-law No. 7476/16 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 'Delaney Arena Improvements
at the Pickering Recreation Complex";
2. That the estimated costs of the project in the amount of$2,249,405.00 be financed
as follows:
a) That the sum of$2,249,000.00 be financed by the issue of debentures by
The Regional_Municipality of Durham over a period not to exceed fifteen
years;
b) That the sum of$405.00 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 2016 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 29th day of March, 2016
David Ryan ' . +o
Debbie Shields, City Clerk`"1-6r° G �