HomeMy WebLinkAboutBy-law 6729/07
THE CORPORATION OF THE CITY OF PICKERING
BY-lAW NO. 6729/07
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $110,000 for supply and
delivery of a Multipurpose Single Person Refuse Packer 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 26-06 at its meeting of July
24, 2006 pursuant to Resolution 110/06 and awarded Quotation Q-42-2006 for the
supply and delivery of a Multipurpose Single Person Refuse Packer at that meeting;
and,
WHEREAS the supply and delivery of a Multipurpose Single Person Refuse Packer
has been completed; and,
AND WHEREAS before the Council of the City authorized the supply and delivery of a
Multipurpose Single Person Refuse Packer 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 supply and delivery of a Multipurpose Single
Person Refuse Packer in the City of Pickering in the amount of $111,720 be
financed as follows:
By-law 6729/07 (Continued)
Page 2
a) That the sum of $110,000 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 sum of $1,720 be funded from the 2006 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 of Pickering commencing in 2007
and continuing thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 5th day of February,
2007.