HomeMy WebLinkAboutBy-law 7308/13 The Corporation of the City of Pickering
By-law No. 7308/13
Being a by-law to authorize the Construction
of an Indoor Soccer Facility in the City of
Pickering and the issuance of debentures in
the amount of $3,734,000
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 debenture financing for the
Construction of an Indoor Soccer Facility project; and
Whereas the Council of the City wishes construction to proceed in respect of the
Construction of an Indoor Soccer Facility project; and
Whereas before the Council of the City authorizes the issuance of debentures for the
Construction of an Indoor Soccer Facility 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 CR 14-13 on the date hereof and awarded
Tender T-11-2013 for the Construction of an Indoor Soccer Facility project;
BY-LAW NO. 7308/13 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 "Construction of an Indoor
Soccer Facility";
2. That the estimated costs of the project in the amount of $7,146,605 be financed as
follows:
a) That the sum of $3,412,504 be funded from the Development Charges-
Recreation Facilities Reserve Funds;
b) That the sum of $3,734,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed 15 years at a
rate to be determined;
c) That the sum of $101 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 16th day of September, 2013.
David Ryan, Mayor
Debbie Shields, City Clerk