HomeMy WebLinkAboutBy-law 7104/11
The Corporation of the City of Pickering
By-law No. 7104/11
Being a by-law to authorize the Roof
Reinforcement at East Shore Community
Centre in the City of Pickering and the
issuance ` of debentures therefor in the
amount of $150,000.
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 Roof Reinforcement at East
Shore Community Centre project; and,
Whereas before the Council of the City authorized the Roof Reinforcement at East
Shore Community Centre project, the Council of the City had the Treasurer update the
City's Annual Repayment Limit, the Treasurer calculated the estimated annual amount
p'ayable,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;
And whereas after determining that Ontario Municipal Board approval is not required,
the Council of the City approved Report OES 04-11 on the date hereof and awarded
Tender T-25-2010 for the Roof Reinforcement at East Shore Community Centre
~project.
By-law No. 7104/11 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 project referred to as "Roof Reinforcement at East
Shore Community Centre";
2. That the estimated costs of the project in the amount of $153,658 be financed as
follows:
a) That the sum of $150,000 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 sum of $3;658 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:
David Ryan,
tJ
Debbie Shields, City Clerk
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