HomeMy WebLinkAboutBy-law 7637/18The Corporation of the City of Pickering
By-law No. 7637/18
Being a by-law to authorize the Supply and;
Delivery of One Fire Pumper Tanker project in
the City of Pickering and the issuance of
debentures in the amount of $749,000.00
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 Fire Pumper Tanker project; and
Whereas before authorizing the construction in respect of the Supply and Delivery of
One Fire Pumper Tanker 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 FIR 02-18 on the date hereof and awarded
Quotation No. Q-35-2018 for the Supply and Delivery of One Fire Pumper Tanker
project;
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
Fire Pumper Tanker'
By -Law No. 7637/18 Page 2
2. That the estimated costs of the project in the amount of $749,666.00 be financed as'.
follows:
a) the sum of $749,000.00 be financed by the issue of debentures by The
Regional Municipality of Durhamover:a term not to exceed 10 years;
b) the sum of $666.00 be funded fromproperty taxes; and
3, That the funds to repay the principal and interest of the debentures be provided for
in the annual Capital Budget for the City commencing in 2018 or such subsequent
year in which the debentures are issued and continuingthereafter until the
debenture financing is repaid.
By-law passed this 25th day of June, 2018
David Rya
Debbie Shields, City Clerk.