HomeMy WebLinkAboutBy-law 6389/04THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6389/04
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $205,000 for the purchase
of a 5-Ton Tandem Dump Truck 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 Subsection 401(1) of the MunicipalAct, 2001, as amended, provides that a
municipality may incur a debt for municipal purposes, whether by borrowing money or
in any other 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 42-03 at its meeting of
December 15, 2003 pursuant to Resolution #170/03 and awarded Quotation Q-36-2003
for the 5~Ton Tandem Dump Truck project at that meeting; and,
WHEREAS the purchase of the 5-Ton Tandem Dump Truck project has been
completed; and,
AND WHEREAS before the Council of the City authorized the purchase of a 5-Ton
Tandem Dump Truck project in the City of Pickering, 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 the the purchase of a 5-Ton Tandem Dump Truck
project in the City of Pickering in the amount of $205,023 be financed as follows:
a)
That the sum of $205,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) years;
b) That the balance of $23 be funded by 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 of Pickering 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.
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~"; ~;ity Clerk