HomeMy WebLinkAboutBy-law 6206/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6206/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $180,000 for the
Replacement of Dry-O-Tron at the 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 confirmed awarding the contract to Kilmer Environment, being the sole
authorized distributor of the equipment, to supply and install the Dry-O-Tron at the
Pickering Recreation Complex; and,
WHEREAS the replacement of the Dry-O-Tron of the Pickering Recreation Complex
project has been completed; and,
AND WHEREAS before the Council of the City authorized the Dry-O-Tron 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 replacement of Dry-O-Tron at the Pickering
Recreation Complex project in the amount of $180,000 be financed as follows:
(a)
That the sum of $180,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) 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.~h ~)~~003.
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