HomeMy WebLinkAboutBy-law 6193/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6193/03
Being a by-law to confirm the authorization of the
issuance of debentures in the amount of $100,000 for
Granite Court Bridge Repair in the City of Pickering
WHEREAS Section 11 of the Municipal Act, 2001, as amended, provides that a lower-
tier municipality in a regional municipality may pass by-laws respecting matters within
the spheres of jurisdiction described in that Section; and,
WHEREAS Subsection 401(1) of the MunicipalAct, 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 approved Report CAO 07-02 at its meeting of Nov.
18,2002 pursuant to Resolution #131/02 awarded Tender T-3-2002 for the Granite
Court Bridge Repair project at that meeting; and,
WHEREAS the construction of the Granite Court Bridge project has been completed;
and,
AND WHEREAS before the Council of the City authorized the Granite Court Bridge
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, Ontario Municipal Board approval was not required
prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as
amended, and the regulations made 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:
1. That the estimated costs of the construction of the Granite Court Bridge Repair
project in the amount of $170,000 be financed as follows:
a) That the sum of $100,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten (10) years;
b) That the sum of $70,000 be provided from the Replacement Capital Equipment
Reserve;
2. 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 2004 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 1.4.,~.~/of October
2003. ¢.?,/,//? ..!. --.
/' City Clerk