HomeMy WebLinkAboutBy-law 7827/21The Corporation of the City of Pickering
By-law No.7827/21
Being a by-law to authorize the Construction
of a New Fire Station Headquarters at Brock
Road and Zents Drive project in the City of
Pickering and the issuance of debentures in
the amount of $2,765,000.00.
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 i n 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
Construction of New Fire Station Headquarters at Brock Road and Zents Drive project;
and,
Whereas before authorizing the construction in respect to the Construction of New Fire
Station Headquarters at Brock Road and Zents Drive 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 FIR 01-21 on the date hereof and
approved the Construction of New Fire Station Headquarters at Brock Road and Zents
Drive project in the City of Pickering;
By-law No. 7827/21 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 “Construction of New Fire
Station Headquarters at Brock Road and Zents Drive”;
2. That the estimated costs of the project in the amount of $8,980,320.00 be financed
as follows:
a). the sum of $2,765,000.00 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 $6,213,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed 20 years, to
address the funding shortfall of the Development Charges-Protection Services
Reserve Fund, and that this amount be repaid from future development charge
collections as the first source of repayment;
c). the sum of $2,320.00 be funded from property taxes;
and such financing arrangements are hereby authorize;
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 2021 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing i s repaid, for 2 a) noted above;
4. That the funds to repay the principal and interest of the debentures be provided for
in the annual Current Budget for the City commencing i n 2021 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 b) noted above.
By-law passed this 22nd day of March, 2021
Original Signed By:_________________ __________________
Dave Ryan, Mayor
Original Signed By:_________________ __________________
Susan Cassel, City Clerk