HomeMy WebLinkAboutBy-law 7691/19The Corporation of the City of Pickering
By-law No. 7691/19
Being a by-law to authorize the Pickering
Recreation . Complex Roof & Skylight
Rehabilitation Program in. the City of Pickering,
and the issuance of debentures in the amount,
of $690,000.00:
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'
Pickering Recreation Complex Roof & Skylight Rehabilitation Program; and,
Whereas before authorizing the construction in respect of the Pickering Recreation
Complex; Roof & Skylight Rehabilitation Program, the Council of the City had the
Treasurerupdate 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; the
Local Planning Appeal Tribunal approval is not required as per Section 401 of the
Municipal Act, 2001, asamended, and the regulations made thereunder;
And whereas after determining that Ontario Municipal Board approval is not required,
the Council of the City approved report CS 07-19 on the date hereof and awarded
Tender No. T-10-2019 for the Pickering. Recreation Complex Roof & Skylight
Rehabilitation 'project;
Now therefore the Council of The Corporation of the City of Pickering hereby: enacts as
follows:
By-law No. 7691/19
Page 2
1. That the City proceed with the project referred to as "Pickering Recreation Complex
Roof & Skylight Rehabilitation Program";
2. That the estimated costs of the project in the amount of $690,442.00 be financed as
follows:'
the sum of $690,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed twenty years;
b) the sum of $442.00 from property taxes; 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 2019 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 23rd day of April, 2019
Susan�Cassel, City Clerk.