Loading...
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