HomeMy WebLinkAboutBy-law 6804/07
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6804/07
Being a by-law to confirm the authorization of the
issuance of debentures in the amount of $210,000 for the
supply and delivery of a 5 Ton Dump Truck with snow
plow and wing 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 22-07 at its meeting of May
22, 2007 pursuant to Resolution 113/07 and awarded Quotation Q-19-2007 for the
supply and delivery of a 5 Ton Dump Truck with snow plow and wing at that meeting;
and,
WHEREAS the Council of the City is proceeding with the supply and delivery of a 5 Ton
Dump Truck with snow plow and wing in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the supply and delivery of a 5
Ton Dump Truck with snow plow and wing, 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 5 Ton Dump Truck with
snow plow and wing in the amount of $211 ,866 be financed as follows:
By-law No. 6804/07
Page 2
a) That the sum of $210,000 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 $1,866 be funded from the 2007 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 2008 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 15th day of October,
2007.
~CN S\t'~
Debi A. Wilcox, City CI rk