HomeMy WebLinkAboutBy-law 7131/11
The Corporation of the City Of Pickering
By-law No. 7131/11
Being a by-law to authorize the Liverpool Road - Road
Works, Storm Sewer, Street Lighting and Boulevard
Reconstruction, and Wharf Street Sidewalk Installation
project in the City of Pickering and the issuance of
debentures therefor in the amount of $320,000
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 construction to proceed,in respect of the
Liverpool Road - Road Works, Storm Sewer, Street Lighting and Boulevard
Reconstruction, and Wharf Street Sidewalk Installation project; and,
Whereas before authorizing the construction to proceed in respect of the Liverpool
Road - Road Works, Storm Sewer, Street Lighting and Boulevard Reconstruction, and
Wharf Street Sidewalk Installation project 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 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 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 15-11 on the date hereof and awarded
Tender T-1-2011 for the Liverpool Road - Road Works, Storm Sewer, Street Lighting
and Boulevard Reconstruction, and Wharf Street Sidewalk Installation project.
By-law No. 7131/11 Page 2
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows:
That the City proceed with the project referred to as "Liverpool Road - Road Works,
Storm, Sewer, Street Lighting and 'Boulevard Reconstruction, and Wharf Street.
Sidewalk Installation
2. That the estimated costs of the project in the amount of $424,950 be financed as
l follows:
a) The sum of $78,725 be funded from Development Charges - City Share
Reserve;
b) That the, sum of $24,575 be funded from Development Charges
Transportation Roads & Related Reserve Fund;
c) That the sum of $320,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten (10) years at
a rate to be determined:
d) That the balance of $1,650 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 2012 and continuing
thereafter until the loan is repaid.
By-law read a first,' second and third time and finally passed this 18th day of April, 2011.
David or
Debbie Shields, City Clerk
I