HomeMy WebLinkAboutBy-law 6565/05THE 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 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 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;
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.