HomeMy WebLinkAboutBy-law 6388/04THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6388/04
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $100,000 to purchase a
Four Wheel Drive Articulating Tractor 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 has approved Report OES 21-04 at its meeting of
June 21, 2004 pursuant to Resolution #96/04 and awarded Quotation Q-15-2004 for
the purchase of a Four Wheel Drive Articulating Tractor project at that meeting; and,
WHEREAS the purchase of a Four Wheel Drive Articulating Tractor project has been
completed; and,
AND WHEREAS before the Council of the City authorized the purchase of a Four
Wheel Drive Articulating Tractor 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 purchase of a Four Wheel Drive Articulating Tractor
project in the amount of $100,656 be financed as follows:
a)
That the sum of $100,000 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 balance of $656 be funded from the 2004 Current Budget;
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 the 15th day of November
2004.
-'"City Clerk