HomeMy WebLinkAboutBy-law 6431/04THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6,~ 31/Ozl
Being a by-law to authorize the temporary
borrowing of moneys to meet the current and
capital expenditures of the City of Pickering
for the year 2005.
WHEREAS Section 407(1) of the Municipal Act, 2001, provides that the Council of the
City of Pickering may by by-law authorize the Mayor and Treasurer of the Municipality
to borrow from time to time by way of promissory note such sums as the Council may
deem necessary to meet, until the taxes for the current year are collected and other
revenues are received, the current expenditures of the Municipality for the year,
including the amounts required for principal and interest falling due within the year upon
any debt of the Municipality, and the sums required by-law to be provided by the
Council for any local board of the Municipality; and,
WHEREAS Section 407(2) limits the total of such borrowings to not exceed 50 per cent
of the estimated annual revenues from January 1, 2005 to September 30, 2005 and 25
per cent thereafter; and,
WHEREAS it is deemed necessary by the said Council to borrow the sum of twenty five
million dollars ($25,000,000) to meet, until the taxes for the current year are received,
the current expenditures of the Municipality for the year 2005, including the amounts
and sums aforesaid; and,
WHEREAS the said sum of twenty five million dollars ($25,000,000) plus any similar
borrowings that have not been repaid, is less than 50 per cent of the total amount of the
estimated revenues of the Municipality from January 1 to September 30 as set forth in
the estimates adopted by the said Council for the year 2004 exclusive of revenues
derivable from the sale of assets, borrowings or issues of debentures or from a surplus
including arrears of levies and $12,500,000 is less than 25 per cent thereafter; and,
WHEREAS the Municipal Act provides that if a municipality has by by-law approved an
undertaking to be financed in whole or in part by incurring long-term debt, the council
may by by-law authorize temporary borrowing to meet expenditures made in connection
with the undertaking; and,
WHEREAS it is deemed necessary by the said Council to borrow the sum of fifteen
million dollars ($15,000,000) to meet the capital expenditures approved by Council.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF
PICKERING HEREBY ENACTS AS FOLLOWS:
The Mayor and Treasurer of the City of Pickering are hereby authorized to borrow
from time to time by way of promissory notes a sum or sums not exceeding twenty
five million dollars ($25,000,000) to meet, until the levies for the year 2005 are
received, the current expenditures of the Municipality for such year, including the
amoUnts required for principal and interest falling due within the year upon any debt
of the Municipality for the period January 1, 2005 to September 30, 2005 inclusive
and $12,500,000 thereafter until December 31,2005.
The Mayor and Treasurer of the City of Pickering are hereby authorized to borrow
from time to time by way of promissory notes a sum or sums not exceeding in all the
sum of fifteen million dollars ($15,000,000) to meet the capital expenditures as
approved by Council, of the Municipality including the amounts required for principal
and interest.
Any promissory notes made under the authority of this By-law shall be sealed and
signed in accordance with the provisions of the Municipal Act and may be
countersigned in writing by the Manager, Accounting Services of the Corporation in
accordance with the provisions of the said Act.
4. This By-law shall come into effect on the first day of January 2005.
BY-LAW read a first, second and third time and finally passed this 20 day of December,
2004.
David Ry, yor --
~ruce Taylor, Clerk