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HomeMy WebLinkAboutBy-law 7928/22The Corporation of the City of Pickering By-law No. 7928/22 Being a by-law to authorize Chestnut Hill Developments Recreation Complex – Generator Replacement project in the City of Pickering and the issuance of debentures in the amount of $1,200,000.00 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 Chestnut Hill Developments Recreation Complex – Generator Replacement project; and, Whereas before authorizing the generator replacement in respect of the Chestnut Hill Development Recreation Complex – Generator Replacement project in the City of Pickering, 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, the Ontario Land Tribunal (OLT) approval is not required as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder; and, And whereas after determining that the Ontario Land Tribunal approval is not required, the Council of the City approved report OPS 14-22 on the date hereof and awarded the Chestnut Hill Development Recreation Complex – Generator Replacement project in the City of Pickering. By-law 7928/22 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 the “Chestnut Hill Developments Recreation Complex – Generator Replacement”; and, 2.That the estimated costs of the project in the amount of $1,323,694.00 be financed as follows: a)That the sum of $1,200,000.00 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed 10 years; b)That the sum of $123,694.00 be funded 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 2022 or such subsequent year in which the debentures are issued and continuing thereafter until the debenture financing is repaid. By-law passed this 25th day of April, 2022 ___________________________________ David Ryan, Mayor ___________________________________ Susan Cassel, City Clerk Original Signed By Original Signed By