HomeMy WebLinkAboutBy-law 8061/23The Corporation of the City of Pickering
By-law No.
Being a by-law to authorize the temporary borrowing of monies to meet the current and capital expenditures of the City of Pickering for the year 2024.
Whereas Section 407(1) of the Municipal Act, 2001, provides that the Council of the City of
Pickering may by by-law authorize the Mayor and Treasurer of the City to borrow from time to time by way of promissory note such sums as Council may deem necessary to meet, until the taxes for the current year are collected and other revenues are received, the current expenditures of the City for the year, including the amounts required for principal and interest
falling due within the year upon any debt of the City, and the sums required by law to be
provided by the Council for any local board of the City;
Whereas Section 407(2) limits the total of such borrowings to not exceed 50 percent of the estimated annual revenues from January 1 to September 30, 2024 and 25 percent thereafter;
Whereas it is deemed necessary by the said Council to borrow the sum of $66,000,000 to
meet, until the taxes for the current year are received, the current expenditures of the City for
the year 2024, including the amounts and sums aforesaid;
Whereas the said sum of $66,000,000 plus any similar borrowings that have not been repaid, is less than 50 percent of the total amount of the estimated revenues of the City from January 1 to September 30 as set forth in the estimates adopted by the Council for the year 2023
exclusive of revenues derivable from the sale of assets, borrowings or issues of debentures or
from a surplus including arrears of levies, and $33,000,000 is less than 25 percent of the estimated revenues thereafter;
Whereas the Municipal Act, 2001, provides that if a municipality has by by-law approved an undertaking to be financed in whole or in part by incurring long-term debt, the Council may by
by-law authorize temporary borrowing to meet expenditures made in connection with the
undertaking; and,
Whereas it is deemed necessary by the Council to borrow the sum of $73,000,000 to meet the capital expenditures approved by Council.
Now therefore the Council of the Corporation of the City of Pickering hereby enacts as follows:
1. The Mayor and Director, Finance & Treasurer of the City of Pickering are hereby
authorized to borrow from time to time by way of promissory notes a sum or sums not exceeding $66,000,000 to meet, until the levies for the year 2024 are received, the current expenditures of the City for such year, including the amounts required for principal and interest falling due within the year upon any debt of the City for the period January 1 to
September 30, 2024 inclusive and $33,000,000 thereafter until December 31, 2024.
By-law No. Page 2
2. The Mayor and Director, Finance & Treasurer of the City of Pickering are hereby authorized to borrow from time to time by way of promissory notes a sum or sums not exceeding $73,000,000 to meet the capital expenditures as approved by Council of the City including the amounts required for principal and interest.
$Q\ promissory notes made under the authority of this by-law shall be sealed and signed in accordance with the provisions of the Municipal Act, 2001, and may be countersigned in writing by the Manager, Accounting Services of the Corporation in accordance with the provisions of the said Act.
This By-law shall come into effect on the first day of January, 2024.
By-law passed this 11th day of December, 2023.
_______________________________ Kevin Ashe, Mayor
______________________________B
Susan Cassel, City Clerk
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