HomeMy WebLinkAboutBy-law 7889/21The Corporation of the City of Pickering
By-law No. 7889/21
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
2022.
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 percent of the
estimated annual revenues from January 1 to September 30, 2022 and 25 percent thereafter;
Whereas it is deemed necessary by the said Council to borrow the sum of fifty-six million
dollars ($56,000,000) to meet, until the taxes for the current year are received, the current
expenditures of the City for the year 2022, including the amounts and sums aforesaid;
Whereas the said sum of fifty-six million dollars ($56,000,000) plus any similar borrowings that
have not been repaid, is less than 50 percent of the total amount of the estimated revenues of
the City from January 1 to September 30 as set forth in the estimates adopted b y the Council
for the year 2021 exclusive of revenues derivable from the sale of assets, borrowings or issues
of debentures or from a surplus including arrears of levies, and twenty-eight million dollars
($28,000,000) is less than 25 percent 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-one million dollars
($41,000,000) to meet the capital expenditures approved by Council.
Now 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-six million dollars ($56,000,000) to meet, until the levies for the year 2022
are received, the current expenditures of the City for such year, including the amounts
required for principal and interest falling due within the year upon any debt of the City for
the period January 1 to September 30, 2022 inclusive and twenty-eight million dollars
($28,000,000) thereafter until December 31, 2022.
By-law No. 7889/21 Page 2
2.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 forty-one million dollars ($41,000,000) 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, 2022.
By-law passed this 13th day of December, 2022.
Original Signed By:_______________________________
David Ryan, Mayor
______________________________
Susan Cassel, City Clerk
Original Signed By: