HomeMy WebLinkAboutBy-law 8084/24The Corporation of the City of Pickering
By-law No.
Being a by-law to authorize the Supply and Delivery of
a Fire Pumper Rescue Replacement in the City of
Pickering and the issuance of debentures in the
amount of $2,300,000.00.
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 may 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
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Whereas the Council of the City wishes to proceed with debenture financing for the Supply and
Delivery of a Fire Pumper Rescue Replacement project; and,
Whereas before authorizing the Supply and Delivery of a Fire Pumper Rescue Replacement
project in the City of Pickering, WKH &RXQFLO RI WKH &LW\ KDG WKH 7UHDVXUHUXSGDWH WKH &LW\¶V
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, the 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 FIR 01-24 on the date hereof and approved the Supply and Delivery
of a Fire Pumper Rescue Replacement project in the City of Pickering;
By-law No. 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 ³Supply and Delivery of a Fire Pumper
Rescue Replacement´;
2. That the estimated costs of the project in the amount of $2,309,372.00 be financed as
follows:
the sum of $2,300,000.00 be financed by the issue of debentures by The Regional
Municipality of Durham over a period not to exceed 10 years;
the sum of $9,372.00 be funded from property taxes;
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 2025 or such subsequent year in which
the debentures are issued and continuing thereafter until the debenture financing is repaid;
By-law passed this 26th day of February, 2024
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Kevin Ashe, Mayor
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Susan Cassel, City ClerN