HomeMy WebLinkAboutBy-law 7481/16 The Corporation of the City of Pickering
By-law No. 7481/16
Being a by-law to authorize the Don Beer
Arena Roof Replacement project in the City of
Pickering and the issuance of debentures in
the amount of$460,000.00.
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 Don
Beer Arena Roof Replacement project; and
Whereas before authorizing the construction in respect of the Don Beer Arena Roof
Replacement 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 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 06-16 on the date hereof and awarded
Tender No. T-8-2016 for the Don Beer Arena Roof Replacement project;
BY-LAW NO. 7481/16 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 "Don Beer Arena Roof
Replacement";
2. That the estimated costs of the project in the amount of$460,973.00 be financed as
follows:
a) That the sum of$460,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten years;
b) That the sum of$973.00 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 2016 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 18th day of April, 2016
4.
David Ryan, M
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Debbie Shields, City Clerk "s'''?5� '''