HomeMy WebLinkAboutBy-law 7517/16 The Corporation of the City of Pickering
By-law No. 7517/16
Being a by-law to authorize the Browning
Avenue Storm Sewer Replacement project in
the City of Pickering and the issuance of
debentures in the amount of$174,000.00
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 of Pickering wishes to proceed with debenture
financing for the.Browning Avenue Storm Sewer Replacement project; and,
Whereas before authorizing the Browning Avenue Storm Sewer 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 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 ENG 22-16 on the date hereof and awarded
Tender No. T-13-2016 for the Browning Avenue Storm Sewer Replacement project;
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By-law No. 7517/16 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 "Browning Avenue Storm Sewer
Replacement";
2. That the estimated costs of the project in the amount of$298,201.00 be financed as
follows:
a) that the sum of$174,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five years;
b) that the sum of $170.00 be funded from property taxes;
c) that the sum of$74,644.00 be funded by a transfer from the Federal Gas Tax
Reserve Fund;
d) that the sum of$44,448.00 be funded by a transfer from the Development
Charges City's Share Reserve;
e) that the sum $4,939.00 be funded by a transfer from the Development Charges
Stormwater Management Reserve Fund;
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 2017 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 17th day of October, 2016.
David :yor N
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Debbie Shields, City Clerk
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