HomeMy WebLinkAboutBy-law 6038/02THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6038/02
Being a by-law to authorize the issuance of debentures in
the amount of $302,000 for Road Construction at 8th
Concession Road - East of Four Seasons Golf Course and
Whitevale Road Culvert Replacement.
WHEREAS Section 284 of the Municipal Act R.S.O. 1990, as amended, provides the
Council of a municipality that has jurisdiction over a highway or bridge shall keep it in a
state of repair that is reasonable in light of all the circumstances; and,
WHEREAS Section 147 of the Municipal Act R.S.O. 1990, as amended, provides that
By-Laws may be passed to allow for borrowing for the purposes of the Corporation and
the issuance of debentures thereof; and,
WHEREAS Section 111 of the Regional Municipalities Act, R.S.O. 1990, as amended
provides that no area municipality has the power to issue debentures and that the
Regional Municipality of Durham has the sole authority to issue debentures for the
purposes of the City of Pickering; and,
WHEREAS the Council of the Corporation of the City of Pickering wishes construction
to proceed on the Road Construction at 8th Concession Road - East of Four Seasons
Golf Course and Whitevale Road Culvert Replacement; and,
WHEREAS the Council of the Corporation of the City of Pickering has approved Report
OES-028-02 at its meeting of June 24, 2002 and OES-024-02 at its meeting of June 3,
2002 and has awarded Tenders T-8-2002 and T-2-2002 for Road Construction at 8th
Concession Road - East of Four Seasons Golf Course and Whitevale Road Culvert
Replacement;
AND WHEREAS the Treasurer has updated the Municipality's Annual Repayment Limit
and this limit has not been exceeded, therefore, Ontario Municipal Board approval is
not required as per Section 147(5) of the Municipal Act, R.S.O., 1990, as amended and
Regulations thereunder.
NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW
OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS:
la)
That the City proceed with the Road Construction at 8th Concession Road -
East of Four Seasons Golf Course;
b)
That the estimated costs of the construction in the amount of $203,955.28 (T-8-
2002) be financed as follows:
I. That the sum of $203,000 be financed by its issuances of debentures by the
Regional Municipality of Durham over a period not to exceed ten (10) years;
II. That the sum of $955.28 be provided from Current Funds in 2002;
2a)
That the Municipality proceed with the Road Construction at Whitevale Road
Culvert Replacement;
b)
That the estimated costs of the construction in the amount of $99,880 be
financed as follows:
I. That the sum of $99,000 be financed by its issuances of debentures by the
Regional Municipality of Durham over a period not to exceed ten (10) years;
II. That the sum of $880.00 be provided from Current Funds in 2002;
That the funds to repay the principal and interest of the debentures be provided
for in the annual Current Budget for the City of Pickering commencing in 2003
and continuing thereafter until the loan is repaid.
By-Law read a first and second time the 7th day of October 2002.
fCity