HomeMy WebLinkAboutBy-law 6566/05THE 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 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 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.
City Clerk