HomeMy WebLinkAboutBy-law 7232/12 The Corporation of the City of Pickering
By-law No.7232/12
Being'a by-law to authorize the issuance of
debentures in the amount of$950,000 for
the Liverpool Road Reconstruction and Storm
Sewer Work - Annland Street to Ilona Park
Drive project 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 Tender for the Liverpool Road Reconstruction and Storm Sewer Work -
Annland Street to Ilona Park Drive project will be called and awarded during the
summer recess of Council; and,
Whereas Council of the City wishes to proceed with debentures financing prior to
tendering and awarding process for the Liverpool Road Reconstruction and Storm
Sewer Work - Annland Street to Ilona Park Drive project; and,
Whereas before the Council of the City authorizes the issuance of debentures for the
Liverpool Road Reconstruction and Storm Sewer Work- Annland Street to Ilona Park
Drive 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 was
not required prior to City Council's authorization as per Section 401 of the Municipal Act,
•
2001, as amended, and the regulations made there under; ,
By-law No.'7232/12 .
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as '
follows: ' . * • ,
1. That the City proceed with the debentures issue in the amount of $950,000 for the . .
Liverpool Road Reconstruction and Storm Sewer Work - Annland Street to Ilona '
Park Drive project; g .
2. That the sum of$950,000 be financed by the issue of debentures by The Regional
Municipality of Durham over a period not to exceed ten years;
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 2013 and continuing
thereafter until the loan is repaid. '
By-law passed this 9th day of July,.2012 . ` , .
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. . David 07--yor -
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. Debbie Shields, City Clerk