HomeMy WebLinkAboutBy-law 7504/16 The Corporation of the City of Pickering
By-law No. 7504/16
Being a by-law to authorize the Supply and
Delivery of One Articulating Front End Loader
and the issuance of debentures in the
amount of$180,000.00
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 Supply and Delivery of One Articulating Front End Loader; and,
Whereas before authorizing the Supply and Delivery of One Articulating Front End
Loader, 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 01-16 on the date hereof and awarded
Quotation No. Q-42-2016 for the Supply and Delivery of One Articulating Front End
Loader;
By-law No. 7504/16 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 the "Supply and Delivery of One
Articulating Front End Loader";
2. That the estimated costs of the project in the amount of$182,659.00 be financed as
' follows:
a) that the sum of$180,000.00 be finance&by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five years;
b) that the sum of $2,659.00 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..
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David Ry. - •r =
Debbie Shields, City Clerk