HomeMy WebLinkAboutBy-law 7680/19The Corporation of the City of Pickering
By-law No. 7680/19
Being a by-law to authorize the Brock Ridge
Community Park and S.M. Woodsmere Park-
Baseball Diamond Improvements project in
the. City of Pickering and the issuance of
. debentures in the amount of $919,000.00.
Whereas Section 11 of the Municipal Act, 2001, as amended, pmvides 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 nothave 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
Brock Ridge CommunityPark and S.M. Woodsmere Park -Baseball Diamond
Improvements project; and, · ·
Whereas before authorizing the construction in respect of the Brock Ridge Community
Park and S.M. Woodsmere Park-Baseball Diamond Improvements 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 CS 04-19 on the date hereof and awarded
Tender No. T-9-2019 for the Brock Ridge Community Park and S.M. Woodsmere Park-
. Baseball Diamond Improvements project;
By-law No. 7680/19 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 "Brock Ridge Community Park
and S.M. Woodsmere Park -Baseball Diamond Improvements";
2. That the estimated costs of the project in the amount of $1,005,418.00 be financed
as follows:
a) the sum of$919,000.00 be financed by the issue of debentures by The
· Regional Municipality of Durham over a period not to exceed ten years;
b) the sum of $85,000.00 be funded from by a transfer from the Self-Insurance
Reserve;
c) ·the sum of $1,418.00 from property taxes; and
3. Thatthe funds to repay the principal and interest of the debentures be provided for
in the annual Current Budget for the City comrpencing in 2019 or such subsequent
year in which th.e debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 25th day of February, 2019
David Ryan, Ma
Susfa?Cassel, City Clerk