HomeMy WebLinkAboutCS 63-05 REPORT TO
EXECUTIVE COMMITTEE
Report Number: CS 63-05
Date: September 6, 2005
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Final Approval for Financing of Council Approved Capital Projects
- Internal Loans and External Borrowing Through the Issuance of Debt
Recommendation:
That Report CS 63-05 from the Director, Corporate Services & Treasurer be
approved; and that:
Council approve the internal loans of up to $50,000 to be financed from the
Development Charges Reserve Funds based on the purposes, terms & conditions
as specified in Attachment 1 and furthermore, that the Director, Corporate
Services & Treasurer be authorized and directed to take whatever actions
necessary, including the recommendations below, to give effect thereto; and,
3. the Director, Corporate Services & Treasurer be authorized to:
a)
undertake long term financing through the issuance of debt up to a total
amount of $2,792,000 for the projects listed on Attachment 2 in the indicated
amounts up to a maximum term of 20 years, through the Region of Durham
or for the following purposes, as indicated in Attachment 2;
Cost Centres Amount
Roads $ 1,445,000
Sidewalks 197,000
Culture & Recreation 611,000
Fire 539,000
Total $ 2,792,000
b)
undertake the financing of any projects or portions thereof that cannot be
accommodated through the foregoing through internal loans or a financial
institution offering long term financing under similar terms and conditions;
c)
finance any capital expenditures currently financed through internal loans,
should the need for funds arise, through the Region of Durham or through a
financial institution;
Report CS 63-05
Subject: Final Approval for Financing of Council Approved
Capital Projects -Internal Loans and External Borrowing
Through the Issuance of Debt
September 6, 2005
Page 2
o
10.
d)
make any changes, adjustments, revisions to amounts, terms and conditions
or any other actions necessary in order to effect the above directions of
Council;
the costs of undertaking the financing, currently estimated at up to approximately
$28,000, be charged to the 2005 Current Budget, General Government Loan
Repayment;
the annual repayment costs of principal and interest amounting to approximately
$352,850 be included in the 2006 Current Budget and thereafter until the loan is
repaid;
the Director, Corporate Services & Treasurer be directed and authorized to
finance any capital projects, the financing for which is not specifically approved by
Council, through the issuance of debt or long term financing arrangements,
through the Region of Durham, a financial institution, internal loans or whatever
means necessary at the discretion of the Treasurer;
the Director, Corporate Services & Treasurer be authorized to engage the services
of any individual or firm, legal or otherwise, necessary to assist in the preparation
of documentation, completion of an undertaking and any other aspects in regards
to the financing of capital projects;
the Director, Corporate Services & Treasurer be authorized to apply any excess
proceeds raised on external and internal loans to other capital projects for which
long-term financing is required, or to reduce the promissory notes for internal
loans as is permitted under the Municipal Ac~,
the Director, Corporate Services & Treasurer be directed to prepare the requisite
by-laws for presentation to and adoption by Council at its meeting of September
19, 2005; and,
the appropriate officials of the City of Pickering be given authority to give effect
thereto.
Executive Summary: While long term financing (internal and external) was always
generally approved by Council during the annual capital budgeting process and/or
through specific reports, there has never been a specific formal approval by the
Council for capital projects requiring such financing with the terms and conditions being
specified in detail. This Report to Council serves as that final formal approval and
Corporate Services will complete all the necessary documentation. The 2004 and 2005
approved debt financed capital projects will be funded by a combination of issuance of
internal loans and external debts through the Region of Durham as per Attachment 2.
Council has to formally approve the request to undertake the long term financing
Report CS 63-05
Subject:
Final Approval for Financing of Council Approved
Capital Projects -Internal Loans and External Borrowing
Through the Issuance of Debt
September 6, 2005
Page 3
through the issuance of debentures through the Region of Durham at the terms and
conditions as arranged in the capital markets as was approved by Council for the 2004
and 2005 Capital Budgets.
The Director, Corporate Services & Treasurer has certified that these loans and the
repayment thereof falls within the City's Debt and Financial Obligations approved
Annual Repayment Limit for debt and other financial obligations for 2005 as established
by the Province for municipalities in Ontario.
Financial Implications:
Total Cost of All Proiects
In addition to debt financing, these projects are also funded by other sources of funds.
The breakdown of the various sources of funds is as follows:
Sources Debentures Current Funds InternalThird Party Reserves Total
Funds PreviouslyLoans Contribution& Costs
Raised- Reserve
Debt Funds
Projects $2,792,000 107,020 144,074 50,000 298,583 520,709 $3,912,386
Other than debt financing of $2,792,000, the combined total of all other sources of
funds is $1,120,386. The grand total cost of all these projects is $3,912,386.
Internal Loans
The $110,000 budgeted for in 2005 for the purchase of two vehicles are either financed
internally or through dealer financing. The first six months of payment has been
budgeted for under General Government in the 2005 Current Budget in the amount of
$25,983. It is uncertain at this time, the method of financing to be used and thus not
included as internal loans at this juncture. The current internal loan of $50,000 relates
to a 2004 Capital Budget project for the purchase of the telescopic boom excavator was
necessary due to cost of equipment exceeding the original budgeted amount. This
additional requirement had been reflected in the Report to Council OES 39-04.
The combined principal and interest payment for the above internal loans will be
$11,150 and payment will commence in 2006. These internal loans will be temporary
financed by the Development Charges Reserve Funds and repay through an allocation
in the annual current budget commencing in 2006.
The internal borrowing rate is determined by using the OSIFA's 5-year rate. This rate as
of August 18, 2005 is 3.73%. The most recent rate available through the issue from the
Report CS 63-05
Subject:
Final Approval for Financing of Council Approved
Capital Projects -Internal Loans and External Borrowing
Through the Issuance of Debt
September 6, 2005
Page 4
Region of Durham was the December 2004 issue and the average 5-year rate was
3.67%. Using this as a guideline and comparing the alternative of borrowing through
OSIFA, OSIFA's most recent rate as of August 18, 2005 would be the more reliable rate
to use for this internal loan.
External Debts
The total of all 2005 external debts requested is $2,792,000; out of which $617,000 is
related to 2004 capital budget items and the remainder of $2,175,000 being 2005
capital projects. Attachment 2 provides a detail breakdown of all projects funded by
external debt. The external borrowing rate will be determined by the capital markets at
the time of the issuance of the debt.
Financial Burden
The annual loan and debt repayment charges are funded through the general property
tax levy in the annual Current Budgets.
The projected total of internal loans and debts outstanding for December 31, 2005 is
$16,175,162 net of principal repayments to date. Please refer to Attachment 3.
Background: Continuous growth has created a need for capital infrastructure to
maintain the level of services provided to residents and businesses. Funding sources
for capital projects are identified and approved by Council prior to the commencement
of the projects. The continuous growth coupled with aging capital infrastructure calls for
expansion to new facilities, replacement and repairs. This prompted the need for more
borrowing to fund the capital projects. Total borrowings from the reserve funds to
finance 2004 and prior years capital projects is projected at $5,349,162 for year end
2005. The 2005 budgeted internal loans of $110,000 for the purchase of two vehicles
are to be financed either through dealer finance or internal loans when dealer financing
is not a better option. Such internal borrowings require appropriate approvals and
documentation in accordance with both the Municipal Act 2001, S418 and the
Development Charges Act 1997, O. Reg. 82/98 s. 12(2)3,4,5. Corporate Services will
complete the necessary documentation including Promissory Notes indicating the
amount, term, interest rate and other relevant information relating to the internal loans
and their repayment.
Normally, all external debt requested by an area municipality is issued through the
Region of Durham. However, if there may be other more cost effective means of
financing available, the Treasurer may resort to these alternatives. Alternate financing
may be desirable or necessary for some portions of the City's requirements. The
Recommendations allow for the best course of action to take place.
Report CS 63-05
Subject: Final Approval for Financing of Council Approved
Capital Projects -Internal Loans and External Borrowing
Through the Issuance of Debt
September 6, 2005
Page 5
The recommendations also provide a limited degree of flexibility in the event that the
documentation for projects or portions thereof is insufficient to meet the legal
requirements for a debenture issue in that the project can then be financed through
other means. They also provide for some flexibility with the treatment of excess
proceeds that may be raised as a result of the market conditions (i.e. issued as a
premium) or excess funds resulting once project costs are complete and final.
The costs of financing of approximately $28,000 have been included in the 2005
Current Budget for the 2005 capital projects. This cost represents commissions, legal
fees, registration for debentures with the Canadian Depository for Securities (C.D.S.)
and any discount upon sale.
Under Pursuant to Resolution 144/99 the Mayor and Treasurer has the authority to
sign the Promissory Notes.
Attachments:
2.
3.
4.
Internal Loan Funded by Dev. Charges Reserve Fund as at December 31,2005
External Debentures, Through Region of Durham or a Financial Institution
Total Projected Internal Loans & Debts Outstanding at December 31,2005
By-law No. 6564/05 to 6572/05
Prepared By:
Caryn Kong
Senior Financial Analyst
GAP:vw
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Approved / Endorsed By:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Pickering City/Council ,. "/~" I"
, Th~;:~'-C'J.-Qu%¢ Ch(c,f/Admi~~e O~icer /
^TTACHHENT #_L__TO KEPOB,T # (~ ~.~-- O~
Budget
Year Project Number
Terms Reference
Amount
Description of Loans
Roads
2004 04-2320-004-00 5-yr
OES 39-04
Feb 7,05 Res 27~05
Q-41-2004.
Telescopic Boom Excavator
Gradall Model 4100
Also Ext. Debt $288,000
* Amount of internal loan identified in
RTC is $63,000 reduce by proceeds.
Source of funding
External Debt as indicated in RTC
Proceed from auction sale of old excavator
Current Funds
Internal Loan require
Cost of excavator
(288,000.00)
(12,582.88)
(525.12)
(50,000.00)*
(351,108.00)
$ 50,000
Total Internal Loan for 2005
$ 50,000
cs63ck attachments.xls Internal Loans 07/09/2005
Budget
Year Project Number
Roads
2004 04-2320-004-00
2004 04-2320-004-01
2005 05-2320-008-02
2005 05-2320-008-06
2005 05-2320-008-00
.Sidewalk
2004
Total Roads
04-2323-001-01
04-2323-001-03
04-2323-001-04
Culture & Recreation
Museum
2005 05-2744-001-01
Civic Complex-Core
2005 05-2731-005-01
Fire
2005 05-2240-001-00
Total Debentures
Terms Reference
Description
5-yr
OES 39-04
Feb 7,05 Res 27/05
Q-41-2004
Telescopic Boom Excavator
Gradall Model 4100
Also Int. Loan $50,000
5-yr
OES 22-05 Supply & Delivery of an
Res 109/05 June 27,2005 Articulating Wheel Loader
Q-20-2005
10-yr
OES 19-05
June 20, 2005 Res 99/05
Item 9
Surface Treatment Works-7th Concessi
Road, Hoxton Street & Westney Road
10-yr OES 29-05 Asphalt Works-Park Crescent,
Res 133/05 July 25, 2005 Brougham Rd, Sideline 16 & Conc. 7
20-yr
OES 24-05 Liverpool Road Nautical
Res 110/05 June 27,2005 Village Boulevard & Streetscape
T-3-2005
10-yr
OES 33-04
Nov. 1,04 Res 135104
T-4-2004
Asphalt & Concrete Sidewalk
Installations-Annland, Eastbank,
Kingston Rd.,Strouds Lane,
Valley Farm Rd, Eight Concession
10-yr
10-yr
OES 01-05
Jan, 17,2005 Resol 6/05
Item 1, T-6-2004
OES 21-05
June 20, 2005 Res 99/05
Item 8
Pickering Museum Village
Program Centre
Architectual Services-
Design of doubles squash
courts & aerobics studios
at the Pickering Recreation Complex
10-yr
OES 27-05 Supply & Delivery
Res 111/05 June 27,2005 of a Fire Pumper Vehicle
Q-24-2005
Amount
of Debt
$ 288,000
132,000
175,000
150,000
700,000
$ 1,445,000
$ 197,000
451,000
160,000
539,000
$ 2,792,000
cs63ck attachments.xls External Debt 07/09/2005
2001 & 2002 2003 2004 2005 Dec. 31, 2005
Original Principal Principal Principal Principal Outstanding
Amount Repayment Repayment Repayment Repayment Balance
Internal Loans
2001 & Capital Projects $7,677,000 ($1,228,926) ($939,545) ($738,935) ($857,543) $3,912,051
2002 Capital Projects 1,224,000 0 (98,180) (103,836) (115,361) 906,623
2003 Capital Projects 349,071 0 0 (27,495) (29,963) 291,613
2004 Capital Projects 267,000 0 0 0 (28,125) 238,875
2005 Capital Projects 50,000 0 0 0 0 50,000
Total Internal Loans $9,567,071 ($1,228,926) ($1,037,725) ($870,266) ($1,030,992) $5,399,162
External Debts
2002 Capital Projects $4,278,000 $0 ($252,000) ($266,000) ($280,000) $3,480,000
2003 Capital Projects 3,494,000 0 0 0 (351,000) 3,143,000
2004 Capital Projects 1,537,000 0 0 0 (176,000) 1,361,000
2005 Capital Projects 2,792,000 0 0 0 0 2,792,000
Total External Debts $12,101,000 $0 ($252,000) ($266,000) ($807,000) $10,776,000
Total Projected Debts $21,668,071 ($1,228,926) ($1,289,725) ($1,136,266) ($1,837,992) $16,175,162
cs63ck-Attachment 3.xls Total debt-RTC 2005 07/09/2005
ATTACHHENT #~TO RE?ORT#,,~,..~ ~,3-
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6564/05
Being a by-law to confirm the authorization of the
issuance of debentures in the amount of $288,000 for
the supply and delivery of a Telescopic Boom Excavator
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 39-04 at its meeting of
February 7, 2005 pursuant to Resolution 27/05 and awarded Quotation Q-41-2004 for
the supply and delivery of a Telescopic Boom Excavator project at that meeting; and,
WHEREAS the supply and delivery of a Telescopic Boom Excavator project has been
completed; and,
AND WHEREAS before the Council of the City authorized the supply and delivery of a
Telescopic Boom Excavator 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 supply and delivery of a Telescopic Boom Excavator
project in the amount of $351,108 be financed as follows:
a) That the sum of $288,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) years;
b)
c)
That the sum of $50,000 be financed by internal loans from Development
Charges Reserve Fund over a period not to exceed five (5) years;
That the sum of $12,583 be funded by auction proceeds from the sale of the old
telescopic excavator;
d) That the balance of $525 be funded by 2005 Current Funds;
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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 19th day of September
2005.
Mayor
City Clerk
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6565/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $132,000 for the supply and
delivery of an Articulating Wheel Loader 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 Municipal Act, 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 22-05 at its meeting of June
27, 2005 pursuant to Resolution 109/05 and awarded Quotation Q-20-2005 for the
supply and delivery of an Articulating Wheel Loader at that meeting; and,
WHEREAS the Council of the City is proceeding with the purchase of an Articulating
Wheel Loader in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the supply and delivery of an
Articulating Wheel Loader 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 supply and delivery of an Articulating Wheel Loader
in the amount of $132,837 be financed as follows:
a)
That the sum of $132,000 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 $837 be funded from the 2005 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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
Mayor
City Clerk
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6566/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $175,000 for the surface
treatment works for Seventh Concession Road, Hoxton
Street and Westney Road in the City of Picketing.
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 Municipal Act, 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 19-05 at its meeting of June
20, 2005 pursuant to Resolution 99/05 and awarded Quotation T-7-2005 for the surface
treatment works for Seventh Concession Road, Hoxton Street and Westney Road at
that meeting; and,
WHEREAS the Council of the City is proceeding with the surface treatment works for
Seventh Concession Road, Hoxton Street and Westney Road in the City of Pickering;
and,
AND WHEREAS before the Council of the City authorized the surface treatment works
for Seventh Concession Road, Hoxton Street and Westney Road 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 surface treatment works for Seventh Concession
Road, Hoxton Street and Westney Road in the City of Pickering in the amount of
$406,901 be financed as follows:
a)
That the sum of $175,000 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 sum of $231,901 be funded from the Easement Settlement
Agreement Reserve;
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 2006
and continuing thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
Mayor
City Clerk
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6567/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $150,000 for the asphalt
works for Parks Crescent, Brougham Road, Sideline 16 and
Concession 7 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 Municipal Act, 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 29-05 at its meeting of July
25, 2005, pursuant to Resolution 133/05 and awarded Tender %11-2005 for the
asphalt works for Parks Crescent, Brougham Road, Sideline 16 and Concession 7'in
the City of Pickering at that meeting; and,
WHEREAS the Council of the City is proceeding with the asphalt works for Parks
Crescent, Brougham Road, Sideline 16 and Concession 7 project m the City of
Pickering; and,
AND WHEREAS before the Council of the City authorized the asphalt works for Parks
Crescent, Brougham Road, Sideline 18 and Concession 7 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 asphalt works for Parks Crescent, Brougham
Road, Sideline 16 and Concession 7 in the City of Picketing in the amount of
$308,998 be financed as follows:
(a)
That the sum of $150,000 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 sum of $98,808 be funded from the Easement Settlement
Reserve;
(c)
That the remaining sum of $60,190 be funded from the 2005 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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
Mayor
City Clerk
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6568/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $700,000 for the Liverpool
Road Nautical Village Boulevard & Streetscape
Improvements 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 Municipal Act, 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 24-05 at its meeting of June
27, 2005 pursuant to Resolution 110/05 and awarded Tender T-3-2005 for the
Liverpool Road Nautical Village Boulevard & Streetscape Improvements in the City of
Pickering; and,
WHEREAS the Council of the City is proceeding with the Liverpool Road Nautical
Village Boulevard & Streetscape Improvements in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Liverpool Road Nautical
Village Boulevard & Streetscape Improvements 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 Liverpool Road Nautical Village Boulevard &
Streetscape Improvements in the City of Pickering in the amount of $844,074 be
financed as follows:
a)
That the sum of $700,000 for the Liverpool Road Nautical Village Boulevard
& Streetscape Improvements be financed by the issue of debentures by
The Regional Municipality of Durham over a period not to exceed twenty
(20) years;
b)
That the sum of $40,755 be funded from unspent amount from the 2003
budgeted Liverpool Road Millennium Square project, originally debt-
financed in 2004;
c) That the sum of $103,319 be funded from excess funds raised from the
completed Audley Road South project, originally debt-financed in 2004;
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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
Mayor
City Clerk
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6569/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $197,000 for the Asphalt &
Concrete Sidewalk Installations at Annland Street,
Eastbank Road, Strouds Lane, Valley Farm Road and Eight
Concession Road 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 Municipal Act, 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 33-04 at its meeting of
November 1,2004 pursuant to Resolution 135/04 and awarded Tender %4-2004 for the
Asphalt & Concrete Sidewalk Installations at Annland Street, Eastbank Road, Strouds
Lane, Valley Farm Road and Eight Concession Road project at that meeting; and,
WHEREAS the Asphalt & Concrete Sidewalk Installations at Annland Street, Eastbank
Road, Strouds Lane, Valley Farm Road and Eight Concession Road project has been
completed; and,
AND WHEREAS before the Council of the City authorized the Asphalt & Concrete
Sidewalk Installations at Annland Street, Eastbank Road, Strouds Lane, Valley Farm
Road and Eight Concession Road 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:
That the estimated oosts of the Asphalt & Concrete Sidewalk Installations at
Annland Street, Eastbank Road, Strouds Lane, Valley Farm Road and Eight
Concession Road project in the amount of $229,831 be financed as follows:
a) That the sum of $197,000 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 amount of $32,831 be funded from the 2005 Current Funds;
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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
Mayor
City Clerk
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6570/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $451,000 for the Pickering
Museum Village Program Centre 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 Repod OES 01-05 at its meeting of
January 17, 2005 pursuant to Resolution 6/05 and awarded Tender T-6-2004 for the
Pickering Museum Village Program Centre at that meeting; and,
WHEREAS the Council of the City is proceeding with the Pickering Museum Village
Program Centre in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Pickering Museum
Village Program Centre 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:
1. That the estimated costs of the Pickering Museum Village Program Centre project in
the amount of $937,336 be financed as follows:
a) That the sum of $451,000 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 sum of $286,000 be funded by contributions from the Picketing
Museum Village Foundation;
c) That the sum of $190,000 be funded by the Common Facilities Reserve Fund;
d) That the sum of $10,336 be funded by the 2005 Current Funds;
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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
Mayor
City Clerk
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6571/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $160,000 for the
Architecture Service for the design of doubles squash courts
and aerobics studios at the Pickering Recreation Complex
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 Municipal Act, 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 21-05 at its meeting of June
20, 2005 pursuant to Resolution 99/05 and awarded the project to Jurecka &
Associates for the Architecture Service for the design of doubles squash courts and
aerobics studios at the Pickering Recreation Complex at that meeting; and,
WHEREAS the Council of the City is proceeding with the Architecture Service for the
design of doubles squash courts and aerobics studios at the Pickering Recreation in the
City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Architecture Service for
the design of doubles squash courts and aerobics studios at the Pickering Recreation
Complex 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
MunicipalAct, 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 Architecture Service for the design of doubles
squash courts and aerobics studios at the Pickering Recreation Complex in the
City of Pickering in the amount of $161,970 be financed as follows:
a)
That the sum of $160,000 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 amount of $1,970 be funded from the 2005 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 2006
and continuing thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
Mayor
City Clerk
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6572/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $539,000 for the Supply &
Delivery of a Fire Pumper Vehicle 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 27-05 at its meeting of June
27, 2005, pursuant to Resolution 111/05 and awarded Quotation Q-24-2005 for the
Supply & Delivery of a Fire Pumper Vehicle in the City of Pickering at that meeting;
and,
WHEREAS the Council of the City is proceeding with the Supply & Delivery of a Fire
Pumper Vehicle in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Supply & Delivery of a
Fire Pumper Vehicle 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 Supply & Delivery of a Fire Pumper Vehicle in
the City of Pickering in the amount of $539,331 be financed as follows:
a) That the sum of $539,000 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 amount of $331 be funded from the 2005 Current Fund;
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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
Mayor
City Clerk