HomeMy WebLinkAboutBy-law 7755/20The Corporation of the City of Pickering
By-law No.7755/20
Being a by-law to authorize the Purchase of
Land for the Seaton North, Fire Station in the
City of Pickering and the issuance of
debentures in the amount of $1,098,000 for
the Development Charges -Protection
Services Reserve Fund funding for the
Purchase of Land for the Seaton North Fire
Station project, and that the first source of
repayment for this debt is future development
charge collections.
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
Purchase of Land for the Seaton North Fire Station project; and
Whereas before authorizing the acquisition in respect to the Purchase of Land for the
Seaton North Fire Station 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, Local Planning Appeal
Tribunal (LPAT) 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 Local Planning Appeal Tribunal approval is not
required, the Council of the City approved report CAO 02-20 on the date hereof and
approved the Purchase of Land for the Seaton North Fire Station project in the City of
Pickering;
By=law No. 7755/20` 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 "Purchase of Land for the
Seaton North Fire Station";
2. That the estimated costs of the project in the amount of $1,878,304 be financed as
follows:
a) the sum of $758,000 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 $21,000 be funded from the Seaton Landowners Group
Financial Impact Agreement Reserve Fund;
c) the sum of $1,098,000 be financed by the issue of debentures by the
Regional Municipality of Durham over a period not to exceed 10 years to
address the funding shortfall of the Development Charges -Protection
Services Reserve Fund ("DC -Protection Services RF"), and this amount be
repaid from future development charge collections;
d) that the sum of $1,304 be funded from property taxes;
3. That the funds torepay the 'principal and interest of the debentures be provided for
in the annual Current Budget for the City commencing in 2020 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid for 2 a) noted above;
4. That the funds to repay the principal andinterest of the debentures be provided for
in the annual Current Budget for the City commencing in 2020 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid from future development charge as the first source of
repayment for 2 c) noted above.
By-law passed this 13th day of May, 2020
Kevin 'Asfie, Deputy Mayor ,
y
Sua6n Cassel,'City Clerk