HomeMy WebLinkAboutBy-law 7286/13The Corporation of the City of Pickering
By -law No. 7286/13
Being a by -law to authorize the Supply and
Delivery of One New 41,000 LB. GVW Dump
Truck with Snow Plow and Wing project in
the City of Pickering and the issuance of
debentures in the amount of $190,000.00
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 debenture financing for the
Supply and Delivery of One New 41,000 LB. GVW Dump Truck with Snow Plow and
Wing project; and,
Whereas before the Council of the City authorizes the Supply and Delivery of One New
41,000 LB. GVW Dump Truck with Snow Plow and Wing 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 thereunder;
And whereas after determining that Ontario Municipal Board approval is not required,
the Council of the City approved Report PW 05 -13 on the date hereof and awarded
Quotation No. Q -22 -2013 for the Supply and Delivery of One New 41,000 LB. GVW
Dump Truck with Snow Plow and Wing project.
By- law No. 7286/13 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 "Supply and Delivery of One
New 41,000 LB. 'GVW Dump Truck with Snow Plow and Wing ";
2. That the estimated costs of the project in the amount of $191,309.00 be financed as
follows:
a) That the sum of $190,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five years;
b), That the balance of $1,309.00 be funded from property taxes;
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 2014 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By -law passed this 17tt' day of June, 2013:
David .Ryan; yor
Debbie Shields, City Clerk