Loading...
HomeMy WebLinkAboutBy-law 7622/18The Corporation of the City of Pickering By-law No 7622/18 Being a .by-law to authorize the Conservation Barn Reconstruction at the. Pickering Museum Village project in the City of Pickering and the issuance of debentures in the amount of $850.000:00 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 Conservation Barn Reconstruction.at the Pickering Museum Village project; and Whereas before authorizing the construction in respect of the .Conservation`Barn Reconstruction at the Pickering Museum Village 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.d.etermining that Ontario: Municipal Board approval is not required,' the Council of the City approved report CS 09-18 on the,date hereof and awarded Tender No. T-14-2018 for the Conservation Barn Reconstruction at the Pickering Museum Village. project By-law No. 7622/18 Page 2 Now therefore the Council of The Corporation of the City of Pickering hereby enacts as: follows: . " That the. City proceed with the project referred tows "Conservation Barn Reconstruction at the Pickering Museum Village"; 2. That the estimated costs of the project in the amount of $1,678,366.00 be financed as follows: a) the sum of $850,000.00 be financed by the issue of debentures by the Regional Municipality of Durham over a period not to exceed 20 years; b) The sum of $450,000.00 be funded from the Canada Cultural Spaces Fund through the Government of Canada; c) The sum of $378,366.00 be funded by a transfer from the Rate Stabilization Reserve, and 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 2018 or such subsequent year in which the debentures are issued and continuing thereafter until the debenture financing is repaid By-law passed this 14th day of May, 2018 David Ryan, M Debbie Shields, City Clerk