HomeMy WebLinkAboutBy-law 7919/22
The Corporation of the City of Pickering
By-law No.7919/22
Being a by-law to authorize the Purchase of
Land for the Construction of 401 Overpass in
the City of Pickering and the issuance of
debenture in the amount of $4,373,950.00.
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
Purchase of Land for the Construction of 401 Overpass project; and,
Whereas before authorizing the acquisition in respect to the Purchase of Land for the
Construction of 401 Overpass 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 Land
Tribunal (OLT) 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 Land Tribunal approval is not required, the
Council of the City approved report LEG 09-22 on the date hereof and approved the
Purchase of Land for the Construction of 401 Overpass project in the City of Pickering;
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By-law No. 7919/22 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 “Purchase of Land for the
Construction of 401 Overpass”;
2.That the estimated costs of the project in the amount of $10,934,876.00 be financed
as follows:
a). the sum of $4,373,950.00 be financed by the issue of a debenture by The
Regional Municipality of Durham over a period not to exceed 20 years;
b). the sum of $4,976,232.00 be funded from the Development Charges-
Transportation Services Reserve Fund;
c). the sum of $1,584,694.00 be funded from a 1-year Internal Loan;
3.That the funds to repay the principal and interest of the debenture be provided for in
the annual Current Budget for the City commencing in 2022 or such subsequent
year in which the debenture is issued and continuing thereafter until the debenture
financing is repaid, for 2 a) noted above;
4.That the funds to repay the principal and interest of the debenture be provided for in
the annual Current Budget for the City commencing in 2022 or such subsequent
year in which the debenture is issued and continuing thereafter until the debenture
financing is repaid from future development charge as the first source of repayment
for 2 b) noted above.
By-law passed this 28th day of March, 2022
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David Ryan, Mayor
Susan Cassel, City Clerk
Original Signed By
Original Signed By