HomeMy WebLinkAboutBy-law 7688/19The Corporation of the City of Pickering
By-law No. 7688/19
Being a by-law to authorize the Centennial
Park Baseball Diamond Reconstruction
Project in the City of Pickering and . the
issuance of debentures in the amount of
$357,000.00.
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 th.at Sec;:tion; and,
Whereas Subsection401(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
· Iower-tier municipality in a regional municipality does not have the power to issue
debentures; and,
Whereas The Regional Municipality of Durham (the "Region") 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
Centennial Park Baseball Diamond Reconstruction project and;
Whereas before authorizing the construction in respect .of the Centennial Park Baseball
Diamond Reconstruction 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, Local Planning Appeal
Tribunal 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 Local Planning Appeal Tribunal approval is not
required, the Council of the City approved report ENG 04-19 on the date hereof and
awarded Tender No. T-3.:2019 for the Centennial Park Baseball Diamond
Reconstruction Project;
By-law No. 7688/19 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 "Centennial Park Baseball
Diamond Reconstruction"
2.. That the estimated costs of the project in the amount of $511 , 713. 00 be financed as
follows:
a) the sum of $357,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a term not to exceed 10 years;
b) the sum of $268.00 be funded by property taxes;
c) The sum of $154,445.00 be funded by a transfer from the Pickering Men's
Slow Pitch League Reserve Fund; and
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 2019 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 25 th day of March, 2019.