HomeMy WebLinkAboutBy-law 6387/04THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6387/04
Being a by-law to confirm the authorization of the
issuance of debentures in the amount of $134,000 for
Duffins West Pedestrian Trail project in the City of
Pickering
WHEREAS Section 11 of the Municipal Act, 2001, as amended, provides that a lower-
tier 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 in a regional 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 36-03 at its meeting of
October 7, 2003 pursuant to Resolution #143/03 awarded Tender T-13-2003 for the
Duffins West Pedestrian Trail project at that meeting; and,
WHEREAS the construction of the Duffins West Pedestrian Trail project has been
completed; and,
AND WHEREAS before the Council of the City authorized the Duffins West Pedestrian
Trail 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 construction of the Duffins West Pedestrian Trail
project in the amount of $134,000 be financed as follows:
a) That the sum of $134,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten (10) years;
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 2005 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 15th day of November
2004.
City Clerk