HomeMy WebLinkAboutBy-law 6205/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6205/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $74,000 for Sidewalks -
Whites Road and Pickering Recreation Complex 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
municipality
in any other
Subsection 401(1) of the Municipal Act, 2001, as amended, provides that a
may incur a debt for municipal purposes, whether by borrowing money or
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 CS 41-03 at its meeting of
October 14,2003 for the construction of Sidewalks - Whites Road and Pickering
Recreation Complex project; and,
WHEREAS the construction of the Sidewalks-Whites Road and Pickering Recreation
Centre project has been completed; and,
AND WHEREAS before the Council of the City authorized the Sidewalks-Whites Road
and 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
Pickering Recreation Complex
follows:
the construction of Sidewalks-Whites Road and
project in the amount of $74,844 be financed as
(a)
That the sum of $74,000 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 $844 be funded from the Current Funds in 2003;
By-Law read a first, second and third time and finally passed ~.!~ l~day
2003.
~ ZT~layo~
' City Clerk
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.
of October