HomeMy WebLinkAboutBy-law 7731/19The Corporation of the City of Pickering
By-law No. 7731/19
Being a by-law to authorize the temporary
borrowing of monies to meet the current and
capital expenditures of the City of Pickering
for the year 2020:
Whereas Section 407(1) of the Municipal Act, 2001, provides that the Council of the City
of Pickering may by by-law authorize the Mayor and Treasurer of the City to borrow
from time to time by way of promissory note such sums as the Council may deem
necessary to meet, until the taxes for the current year are collected and other revenues
are received, the current expenditures of the City for the year, including the amounts
required for principal and interest falling due within the year upon any debt of the City,
and the sums. required by law to be provided by the Council for any local board of the
City;
Whereas Section 407(2) limits the total of such borrowings to not exceed 50 per cent of
the estimated annual revenues
thereafter;
Whereas, it is deemed necessary by the said Council to borrow the sum of fifty-three
million dollars ($53,0.00,000) to meet, until the taxes for the current year are received,
the. current expenditures of the City for the year 2020, including the amounts and sums
aforesaid;
VVhereas`.the said sum of fifty-three million dollars ($53,000,000) plus any similar,
borrowings that have not been repaid, is less than 50 per cent of the total amount of the
estimated` revenues of the City from January 1 to September 30 as set forth in the
estimates adopted by the Council for the year 2019 exclusive of revenues derivable
from the sale of assets, borrowings or issues of debentures or from a surplus including
arrears of levies, and twenty-six million dollars ($26,000,000) is less than 25 per cent of
the estimated revenues thereafter;
Whereas the Municipal Act, 2001, provides that if a municipality has by by-law approved
an undertaking to be financed in whole or in part by incurring long-term debt, the
Council may by by-law authorize temporary borrowing to meet expenditures made in
connection with the undertaking; and,
Whereas it is deemed necessary by the Council to borrow the sum of forty-nine million
dollars ($49,000,000) to meet the capital expenditures approved by Council.
By-law No. 773.1119 Page 5
ow therefore the Council of the Corporation of the City of Pickering hereby enacts as follows:
1. The Mayor and Director, Finance & Treasurer of the City of Pickering are hereby authorized to
borrow from time to time by way of promissory notes a sum or sums not exceeding fifty-three
million dollars ($53,000,000) to meet, until the levies for the year 2020 are received, the
current expenditures of the City for such year, includingthe amountsrequired for principal and.
interest falling due within the year upon any debt of the City for the period January 1 to
September 30, 2020 inclusive and twenty-six million dollars ($26,000,000). thereafter until
December 31, 2020.
2. The Mayor and Director," Finance & Treasurer of the City of Pickeringare hereby authorized t�
borrow from time to time by way of promissory notes a sum or sums not exceeding forty-nine
million dollars ($49,000,000)` to meet the capital expenditures as approved by Council of the
City including the amounts required for principal and interest.
3. ' Any promissory notes made under the authority of this by-law shall be sealed and signed in
accordance, with the provisions of the Municipal Act, 2001, and may be countersigned in
writing by the Manager, Accounting Services of the Corporation in accordance with the
provisions of the said Act.
4. This By-law shall come into effect on the first day of January, 2020,
Bylaw passed this .16th day of December, 2019..
Sus ;n n' Cassel, City Clerk