HomeMy WebLinkAboutCS 08-07
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REPORT TO
EXECUTIVE COMMITTEE
Resolution No. 27/07
Dated February 5, 2007
Report Number: CS 08-07
Date: January 22, 2007
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From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Final Approval for Financing of Council Approved Capital Projects
- External Borrowing Through the Issuance of Debentures
Recommendation:
1. That Report CS 08-07 from the Director, Corporate Services & Treasurer be
approved;
2. That the Director, Corporate Services & Treasurer be authorized to:
a) undertake long term financing through the issuance of debentures through
the Regional Municipality of Durham up to a maximum amount of $2,340,000
for the projects listed on Attachment 1 in the indicated amounts, for the
following terms;
Terms Amount
5- Year $ 520,000
10- Year 890,000
20- Year 930,000
Total $ 2,340,000
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 Regional Municipality of Durham
or through a financial institution;
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;
3. That the costs of undertaking the financing, currently estimated at up to
approximately $24,000, be charged to the 2007 Current Budget, General
Government Loan Repayment;
Report CS 08-07
January 22,2007
Subject: Final Approval for Financing of Council Approved
Capital Projects - External Borrowing Through the
C f).j Issuance of Debentures
Page 2
4. That the annual repayment costs of principal and interest amounting to
approximately $310,000 be included in the 2007 Current Budget and thereafter
until the loan is repaid;
5. That 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 debentures or long term financing arrangements,
through the Regional Municipality of Durham, a financial institution, internal loans
or whatever means necessary at the discretion of the Treasurer;
6. That the Director, Corporate SeNices & 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;
7. That the Director, Corporate Services & Treasurer be authorized to apply any
excess proceeds raised to other capital projects for which long-term financing is
required, as is permitted under the Municipal Act, 2001;
8. That the attached draft by-laws, providing for the authorization for the issuance of
debentures, be enacted; and,
9. That 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 seNes as that final formal approval and
Corporate SeNices will complete all the necessary documentation. The 2005 and 2006
approved debt financed capital projects will be funded by the issuance of debentures
through the Regional Municipality of Durham as per Attachment 1. The 2006 internal
loans have been officially issued as at year ended December 31, 2006. Council has to
formally approve the request to undertake the long term financing through the issuance
of debentures through the Regional Municipality of Durham at the terms and conditions
as arranged in the capital markets as was approved by Council for the 2005 and 2006
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 2006 as established
by the Province for municipalities in Ontario.
Report CS 08-07
January 22, 2007
Subject: Final Approval for Financing of Council Approved
Capital Projects - External Borrowing Through the
Issuance of Debentures
Page 3
C6"t
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 COMRIF Reserves & Total
Grants Reserve Costs
Funds
Proiects $2,340,000 32,210 666,665 750,335 $3,789,210
Other than debt financing of $2,340,000, the combined total of all other sources of
funds is $1,449,210. The grand total cost of all these projects is $3,789,210.
Attachment 1 provides further detailed breakdown of all other sources of funding.
Internal Loans
In the year ended 2006, the official internal borrowing undertaken was $502,000.
Attachment 2 provides the detailed breakdown on these internal loans.
The combined principal and interest payment for the above internal loans are $135,511
and payment will commence in 2007. These internal loans will be temporary financed
by the Development Charges Reserve Funds and repaid through an allocation in the
annual current budget commencing in 2007.
The internal borrowing rate is determined by using the Ontario Strategic Infrastructure
Financing Authority's (OSIFA) 5-year rate and other comparable municipal borrowing at
the time the loan was undertaken. The rates for the 4-year and 5 year loans were
4.25% and 4.50% respectively.
External Debts
The total of all 2006 external debentures requested was $2,340,000, out of which
$175,000 is related to 2005 capital budget items and the remainder of $2,165,000
being 2006 capital projects. Attachment 1 provides a detailed breakdown of all projects
funded by external debentures. The external borrowing rate will be determined by the
capital markets at the time of the issuance of the debentures.
Revised debenture amount on OES 32-06 Sandy Beach Road Bridqe Replacement
Under Report to Council OES 32-06, recommendation 4(b), the sum of $1,050,000 was
identified as the required debenture amount. However, due to funds received from
"Move Ontario" from the provincial government, Report to Council CS16-06, under
recommendation 6 (b) & (c) with further details under heading "2006 Provincial
Government Budget Announcement" provided a change in funding for the above project
Report CS 08-07
January 22, 2007
Subject: Final Approval for Financing of Council Approved
Capital Projects - External Borrowing Through the
C G /~ Issuance of Debentures
Page 4
with a reduction in debt by $333,335. Thus, the required external borrowing will be
reduced to $715,000. The revised financing for this project will be as follows:
10- Year Current COMRIF "Move Ontario " Total
Debt Funds Grant Reserve
$715,000 9,153 666,665 333,335 $1,724,153
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, 2006 is
$15,026,389. However, with the anticipated issue by the Region sometime in February
or March of 2007, the projected outstanding amount net of 2007 principal repayment as
at December 31, 2007 would be increased to $15,129,566. Please refer to Attachment
3.
Sustainability Implications: This financing is necessary to provide the financial
means to sustain the City's capital investments in infrastructure.
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 2006 and prior years capital projects are projected at $5,097,389 for year end
2006. Such internal borrowings require appropriate approvals and documentation in
accordance with the Municipal Act 2001, 8418 and the Development Charges Act
1997, 0. Reg. 82/985.12(2)3,4,5. The necessary documentation including Promissory
Notes indicating the amount, term, interest rate and other relevant information relating
to the internal loans and their repayments has been completed.
Normally, all external debt requested by an area municipality is issued through the
Regional Municipality 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 08-07
January 22, 2007
('6.)
Subject: Final Approval for Financing of Council Approved
Capital Projects - External Borrowing Through the
Issuance of Debentures
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 $24,000 have been included in the 2006
Current Budget for the 2006 capital projects, however due to the timing of this issue,
the amount will be re-budgeted in 2007. This cost represents commissions, legal fees,
and 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:
1. 2007 External Debentures through The Regional Municipality of Durham
2. 2006 Internal Loans Funded by Development Charges Reserve Fund
3. Total Projected Internal Loans & External Debentures Outstanding as at
December 31 , 2007
4. By-law to Confirm the Authorization of the Issuance of Debentures in the Amount
of $170,000 for the Supply and Delivery of a 4 Ton Dump Truck
5. By-law to Confirm the Authorization of the Issuance of Debentures in the Amount
of $240,000 for the Supply and Delivery of a Street Sweeper
6. By-law to Confirm the Authorization of the Issuance of Debentures in the Amount
of $110,000 for the Supply and Delivery of a Multipurpose Single Person Refuse
Packer
7. By-law to Confirm the Authorization of the Issuance of Debentures in the Amount
of $175,000 for the Supply and Delivery of a 4 Ton Dump Truck
8. By-law to Confirm the Authorization of the Issuance of Debentures in the Amount
of $715,000 for the Sandy Beach Road Bridge Replacement and Road
Reconstruction
9. By-law to Confirm the Authorization of the Issuance of Debentures in the Amount
of $930,000 for Addition to Fire Services Division Headquarters
Report CS 08-07
January 22, 2007
Subject: Final Approval for Financing of Council Approved
Capital Projects - External Borrowing Through the
C G. t Issuance of Debentures
Page 6
Prepared By:
Approved I Endorsed By:
Caryn Kong
Senior Financial Analyst
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::-\;r' I~ . P~terson - -
Director, Corporate Services & Treasurer
GAP:ck
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
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A TT ACH M E:i\l' , fi ...3_.,.; l ~\EF();{! ff . C.':; rf?- 0 1
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2001-2003 2004 2005 2006 2007 Dec. 31,2007
Original Principal Principal Principal Principal Principal Outstanding
Amount Repayment Repayment Repayment Repayment Repayment Balance
Internal Loans
2001 Issue $7,677,000 ($2,168,471) ($738,935) ($857,543) ($727,050) ($746,111 ) $2,438,890
2002 Issue 1,224,000 (98,180) (103,836) (195,095) (120,236) (125,427) 581 ,226
2003 Issue 349,071 0 (27,495) (29,963) (31,233) (32,598) 227,782
2004 Issue 267,000 0 0 (28,125) (29,245) (30,442) 179,188
2005 Issue 287,000 0 0 0 (53,275) (55,262) 178,463
2006 Issue 502,000 (113,994) 388,006
2007 Issue*
Total Internal
Loans $10,306,071 ($2,266,651 ) ($870,266) ($1,110,726) ($961,039) ($1,103,834) $3,993,555
0
External Debentures
2002 Issue $4,278,000 ($252,000) ($266,000) ($280,000) ($294,000) ($311,000) $2,875,000
2003 Issue 3,494,000 0 0 (351,000) (369,000) (387,000) 2,387,000
2004 Issue 1,537,000 0 0 (176,000) (184,000) (192,000) 985,000
2006 Issue 2,792,000 0 0 0 0 (242,989) 2,549,011
2007 Issue 2,340,000 0 0 2,340,000
Total Ext.
Debentures $14,441,000 ($252,000) ($266,000) ($807,000) ($847,000) ($1,132,989) $11,136,011
Total Projected
Loans &
Debentures $24,747,071 ($2,518,651 ) ($1,136,266) ($1,917,726) ($1,808,039) ($2,236,823) $15,129,566
* Figures for 2007 Internal loans unavailable at this time,
CS 08ck-Attachment 3,xls
Total-RTC 2006
, ii,..i_..lO REPORT#~8'07
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO.
n6.""
\..' . ..:)
Being a by-law to confirm the authorization of the
issuance of debentures in the amount of $170,000 for
the supply and delivery of a 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 25-06 at its meeting of June
19, 2006 pursuant to Resolution 81/06 and awarded Quotation Q-20-2006 for the
supply and delivery of a 4 Ton Dump Truck at that meeting; and,
WHEREAS the Council of the City is proceeding with the supply and delivery of a 4 Ton
Dump Truck in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the supply and delivery of a
4 Ton Dump Truck, 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
amount of $170,975 be financed as follows:
a) That the sum of $170,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) years;
"\ 1"'..1 ~,
l.jd
-b) That the balance of $975 be funded from the 2006 Current Budget;
2. That the funds to repay the principal and interest of the debentures be provided for
in the annual Current Budget for the City commencing in 2007 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 5th day of February,
2007.
Mayor
City Clerk .
;.._$".. ' REPORT #9- o~~!J1
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO.
"7' -'
L; 1
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $240,000 for the supply and
delivery of a Street Sweeper 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 36-06 at its meeting of
October 3, 2006 pursuant to Resolution 140/06 and awarded Quotation Q-41-2006 for
the supply and delivery of a Street Sweeper at that meeting; and,
WHEREAS the supply and delivery of a Street Sweeper has been completed; and,
AND WHEREAS before the Council of the City authorized the supply and delivery of a
Street Sweeper, 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 Street Sweeper in the
amount of $259,400 be financed as follows:
a) That the sum of $240,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) years;
'1.7'-
l: 1-
b) That the balance of $19,400 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.
Mayor
City Clerk
'...._.ACHtk. , /
I", I ,"l!::l\ :;" ...~
'I #~Or~o7
THE CORPORATION OF THE CITY OF PICKERING
BY-lAW NO.
"7 "
l: .)
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:
" 7 l'
l; '1: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.
Mayor
City Clerk
. 1 .,,}ORT#~r-07
THE CORPORATION OF THE CITY OF PICKERING
BY-lAW NO.
'\ 7 F-
e: :)
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $175,000 for the supply and
delivery of a 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 the 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 amount of $175,962 be financed as follows:
C7G
(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.
Mayor
City Clerk
~'.".,. ~.;~ ;
?
, REPORT # Cs.2F -07
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO.
'I 7 ~~
l: (
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $715,000 for the Sandy
Beach Road Bridge Replacement and Road Reconstruction
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 32-06 at its meeting of
October 3,2006 pursuant to Resolution 140/06 and awarded Tender T-12-2006 for the
Sandy Beach Road Bridge Replacement and Road Reconstruction project at that
meeting; and,
WHEREAS the Council of the City is proceeding with the Sandy Beach Road Bridge
Replacement and Road Reconstruction project in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Sandy Beach Road
Bridge Replacement and Road Reconstruction 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 Sandy Beach Road Bridge Replacement and
Road Reconstruction project in the amount of $1,724,153 be financed as
follows:
a) That the sum of $715,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten (10) years;
C: 7 G b) That the sum of $~333,335 be funded from the "Move Ontario" Reserve;
c) That the sum of $666,665 be funded from the Canada Ontario Municipal
Rural Infrastructure (COMRIF) Grant Intake 2;
d) That the balance amount of $9,153 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.
Mayor
City Clerk
}'l ACH;"ltl ,;1 __(
THE CORPORATION OF THE CITY OF PICKERING
;i. C-~ or;-o7
BY-lAW NO.
""7'''"'''
r ;_j
1.... V
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $930,000 for the Addition to
Fire Services Division Headquarters 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 27-06 at its meeting of
September 11, 2006 pursuant to Resolution 121/06 and awarded Tender T-14-2006
for the Addition to Fire Services Division Headquarters project at that meeting; and,
WHEREAS the Council of the City is proceeding with the Addition to Fire Services
Division Headquarters project in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Addition to Fire Services
Division Headquarters 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:
1. That the estimated costs of the Addition to Fire Services Division Headquarters
project in the amount of $1,347,000 be financed as follows:
a) That the sum of $930,000 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 $417,000 be funded from the Development Charges Reserve
'\ f' . - Fund;
l:Od
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.
Mayor
City Clerk