HomeMy WebLinkAboutBy-law 6200/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6200/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $230,000 for Sports Field
Lighting and Improvements, Kinsmen Park 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 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 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 OES 08-03 at its meeting of March
17, 2003 pursuant to Resolution #29/03 awarded Tender T-5-2003 for the Sports Field
Lighting and Improvements, Kinsmen Park project at the meeting; and,
WHEREAS the construction of the Sports Field Lighting and Improvements, Kinsmen
Park project has been completed; and,
AND WHEREAS before the Council of the City authorized the Sports Field Lighting and
Improvements, Kinsmen Park 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:
That the estimated costs of the construction of the Sports Field Lighting and
Improvements, Kinsmen Park project in the amount of $389,262 be financed as
follows:
a)
That the sum of $230,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5)
years;
b) That the sum of $2,850 be provided from Current Funds in 2003;
c)
That the sum of $102,789 be funded by contributions from the Pickering
Soccer Club;
d)
That the sum of $53,623 be funded by contributions from the Ajax
Pickering Dolphins Football Club;
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 the 1.,4 ./t~?day of October
2003. ///~ :---'--"',,~
, City Clerk