HomeMy WebLinkAboutBy-law 7561/17The Corporation of the City of Pickering
By-law No. 7561 /17
Being a by-law to authorize the Sixth
Concession Road — Road Reconstruction
and Storm Sewer Replacement, Greenwood
Road to Westney Road project in the City of
Pickering and the issuance of debentures in
the amount of $1,540,000.00
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 Sixth Concession Road — Road Reconstruction and Storm Sewer
Replacement, Greenwood Road to Westney Road project; and,
Whereas before authorizing the Sixth Concession Road — Road Reconstruction and
Storm Sewer Replacement, Greenwood Road to Westney Road 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, 2009, 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 08-17 on the date hereof and awarded
Tender No. T-6-2017 for the Sixth Concession Road — Road Reconstruction antl Storm
Sewer Replacement, Greenwood Road to Westney Road project;
By-law No. 7561 /17
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 "Sixth Concession Road — Road
Reconstruction and Storm Sewer Replacement, Greenwood Road to Westney
Road";
2. That the estimated costs of the project in the amount of $1,542,970.00 be financed
as follows:
a) that the sum of $1,540,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham overa period not to.�xceed ten years;
b) that the sum of $2,970.00 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 2017 or such subsequent
year in which the debentures are issued and continuing #hereafter until the
debenture financing is repaid.
By-law passed this 15th day of May, 2017.
Debbie Shields, City
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