HomeMy WebLinkAboutBy-law 6068/02THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO.dud~/t) 2
Being a by-law to authorize the temporary
borrowing of moneys to meet the current and
capital expenditures of the City of Pickering
for the year 2003.
WHEREAS Section 187 of the Municipal Act provides that the Council of the City of
Pickering may by by-law authorize the Mayor and Treasurer of the Municipality 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 Municipality for the year,
including the amounts required for principal and interest falling due within the year upon
any debt of the Municipality, and the sums required by law to be provided by the
Council for any local board of the Municipality; and,
WHEREAS Section 187(2) limits the total of such borrowings to not exceeding 50 per
cent of the estimated annual revenues from January 1. 2003 to September 30, 2003
and 25 per cent thereafter; and,
WHEREAS it is deemed necessary by the said Council to borrow the sum of twenty-
three million dollars ($23,000,000) to meet, until the taxes for the current year are
received, the current expenditures of the Municipality for the year 2003, including the
amounts and sums aforesaid; and,
WHEREAS the said sum of twenty-three million dollars ($23,000,000) plus any similar
borrowings that have not been repaid, is less than 50 per cent of the total amount of the
estimated revenues of the Municipality from January 1 to September 30 as set forth in
the estimates adopted by the said Council for the year 2002 exclusive of revenues
derivable from the sale of assets, borrowings or issues of debentures or from a surplus
including arrears of levies and $11,000,000 is less than 25 per cent thereafter; and,
WHEREAS Section 188 of the Municipal Act 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 said Council to borrow the sum of sixteen
million dollars ($16,000,000)to meet the capital expenditures approved by Council.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF
PICKERING HEREBY ENACTS AS FOLLOWS:
The Mayor and Treasurer of the City of Pickering be and they are hereby
authorized to borrow from time to time by way of promissory notes a sum or
sums not exceeding twenty-three million dollars ($23,000,000) to meet, until the
levies for the year 2003 are received, the current expenditures of the Municipality
for such year, including the amounts required for principal and interest falling due
within the year upon any debt of the Municipality for the period January 1, 2003
to September 30, 2003 inclusive and Sll,000,000 thereafter until December 31,
2003.
The Mayor and Treasurer of the City of Pickering be and they are hereby authorized
to borrow from time to time by way of promissory notes a sum or sums not
exceeding in all the sum of sixteen million dollars ($16,000,000) to meet the capital
expenditures as approved by Council, of the Municipality including the amounts
required for principal and interest.
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 and may be
countersigned in writing by the Manager, Accounting Services of the Corporation in
accordance with the provisions of the said Act.
3. This By-Law shall come into effect on the first day of January 2003.
BY-LAW read a first, second and third time and finally passed this 2nd day of December,
2002.
Wayne Arthurs, Mayor
Bruce Taylor, Clerk