HomeMy WebLinkAboutBy-law 7102/11
The Corporation of the City of Pickering
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By-law No. 7102/11
Being a by-law to authorize the Urbanization of
Brock Road (DH-15) on both sides from the Third
Concession Road to the CPR underpass in the City
of Pickering and the issuance of debentures
therefor in the amount of $534,000.
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 with the project; and,
Whereas before the Council of the City authorized the Urbanization of Brock Road (DH-15)
both sides from the Third Concession Road to the CPR underpass 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 is 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 is not required, the
Council of the City approved Report CS 07-11 on the date hereof Wand authorized the
Regional Municipality of Durham to undertake the calling and awarding of contract for the
Urbanization of Brock Road (DH-15) both sides from the Third Concession Road to the CPR
underpass project.
By-law No. 7102/11 Page 2
Now,therefore the, Council of The Corporation of the City of Pickering hereby enacts as
follows`
1. That the City proceed with the construction project referred to as "Urbanization of Brock
Road (DH-15) on both sides from the Third Concession Road to the CPR underpass";
2. That the estimated costs of the project in the amount of $1,069,500 be financed as
follows:
a) That-the sum of $534;000 be financed by the issue of debentures by The Regional
Municipality of Durham over a period not to exceed fifteen (15) years;
b) That the sum of $534,750 be funded from the Development Charges Reserve
Funds;
c) That the remaining sum of $750 be funded from Current Funds
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 17th day of January, 2011.
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David Ry f , ` ayor
Debbie Shields, City Clerk
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