HomeMy WebLinkAboutBy-law 6204/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6204/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $370,000 for Roof
Replacement at the Delaney and Squash Court areas of the
Pickering Recreation Complex.
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 27-03 at its meeting of June
2, 2003 pursuant to Resolution #79/03 awarded Tender T-8-2003 for the Roof
Replacement Delaney and Squash Court areas - Pickering Recreation Complex project;
WHEREAS the construction of the Roof Replacement - Delaney and Squash Court
areas - Pickering Recreation Complex project has been completed; and,
AND WHEREAS before the Council of the City authorized the Roof Replacement -
Delaney and Squash Court areas Pickering Recreation Complex 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 Roof Replacement Delaney
and Squash Court areas at the Recreation Complex project in the amount of
$370,000 be financed as follows:
a)
That the sum of $370,000 be financed by the issue of debentures by the
Regional Municipality of Durham over a period not to exceed ten (10)
years;
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 the 14t.l~y.~ef October
2003.
Mayo.~,