HomeMy WebLinkAboutBy-law 6730/07
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6730/07
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $175,000 for the supply and
delivery ofa 4 Ton Dump Truck 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 30-05 at its meeting of
September 19, 2005, pursuant to Resolution 156/05 and awarded Quotation Q-36-
2005 for the supply and delivery of a 4 Ton Dump Truck in the City of Pickering at
that meeting; and,
WHEREAS the supply and delivery of a 4 Ton Dump Truck has been completed; and,
AND WHEREAS before thEf Council of the City authorized the supply and delivery of a
4 Ton Dump Truck 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 4 Ton Dump Truck in
the City of Pickering in the amountof$175,962 be financed as follows:
By-law 6730/07 (Continued)
Page 2
(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 remaining sum of $962 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 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.