HomeMy WebLinkAboutBy-law 7498/16 The Corporation of the City of Pickering
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By-law No. 7498/16
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Being a by-law to authorize the West Shore
Neighbourhood — Flood Remediation, Breezy
Drive and Vistula Drive Roads Reconstruction
project in the City of Pickering and the
issuance of debentures in the amount of
$815,000.00
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 (the "Region") 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 •
West Shore Neighbourhood — Flood Remediation, Breezy.Drive and Vistula Drive
Roads Reconstruction project; and
Whereas before the Council of the City authorizes the West Shore Neighbourhood —
Flood Remediation, Breezy Drive and Vistula Drive Roads Reconstruction project on the
date hereof on the basis of the Region issuing debenture in the amount $815,000.00 for
• such 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 ENG 12-16 on the date hereof and authorize the .
Region to undertake the calling and awarding of the contract for the West Shore
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By-law No. 7498/16 Page 2
Neighbourhood —Flood Remediation, Breezy Drive and Vistula Drive Roads
Reconstruction 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 'West Shore Neighbourhood -
Flood Remediation, Breezy Drive and Vistula Drive Roads Reconstruction";
2. That the estimated costs of the project in the amount of$815,500.00 be financed as
follows:
a) the sum of$815,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed 10 years;
b) the sum of$500.00 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 27th day of June, 2016.
- rl
David.Ryor
Debbie Shields, City Cler _"
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