HomeMy WebLinkAboutBy-law 7087/10
The Corporation of the City of Pickering
By-law No.7087/10
Being a by-law to authorize the acquisition
and delivery of a Backhoe/Loader with
optional attachments in the City of Pickering
and the issuance of debentures therefore in
the amount of $110,000.
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 wishes to proceed in respect of the acquisition and
delivery of a Backhoe/Loader with optional attachments; and,
Whereas before authorizing to proceed in respect of the acquisition and delivery of a
Backhoe/Loader with optional attachments on the date hereof, 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 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;
And whereas after determining that Ontario Municipal Board approval was not required,
the Council of the City approved Report OES 22-10 on the date hereof and awarded
Tender T-14-2010 for the acquisition and delivery of a Backhoe/Loader with optional
attachments.
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows:
i
By-law.No. 7087/10 Page 2
1. That the City proceed with the acquisition and delivery of a "Backhoe/Loader
with optional attachments":
2. That the estimated costs of the acquisition and delivery of a Backhoe/Loader in
the amount of $112,575.05 be financed as follows:.
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 balance of $2,575.05 be funded from `the 2010 Current Budget;
3." 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 2011 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 13th day of September,
2010.
David. Ryan ayo
a
Debbie Shields, City Clerk