HomeMy WebLinkAboutCS 41-03
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REPORT TO
COMMITTEE OF THE WHOLE
Report Number: CS 41-03
Date: October 1,2003
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Additional Requests for External Borrowing
Recommendation:
1.
2.
That Report CS 41-03 from the Director, Corporate Services & Treasurer be
approved; and that:
the Director, Corporate Services & Treasurer be authorized to;
a)
undertake debt financing through the Region of Durham in the amount of
$74,000 for a period not exceeding 10 years, at a rate to be determined
for Sidewalk - Safety Request Asphalt for Whites Road & Pickering
Recreation Centre for completed project;
b)
undertake debt financing through the Region of Durham in the amount of
$180,000 for a period not exceeding 5 years, at a rate to be determined
for the Pickering Recreation Complex Dry-O-Ton Emergency
Replacement;
c)
undertake the financing of any projects or portions thereof that cannot be
accommodated through the foregoing through a financial institution
offering long term financing under similar terms and conditions;
d)
finance any capital expenditures currently financed through internal loans,
should the need for funds arise, through the Region of Durham or through
a financial institution;
e)
make any changes, adjustments, revisions to amounts, terms and
conditions or any other actions necessary in order to effect the above
directions of Council;
the costs of undertaking the financing, currently estimated at up to approximately
$1,905 be charged to the 2004 Current Budget, General Government Loan
Repayment;
3.
Report CS 41-03
Date: October 1,2003
Subject: Additional Requests for External Borrowing
Page 2
4.
the Director, Corporate Services & Treasurer be directed and authorized to
finance any capital projects, the financing for which is not specifically approved
by Council, through the issuance of debt or long term financing arrangements,
through the Region of Durham, a financial institution, internal loans or whatever
means necessary at the discretion of the Treasurer;
5.
the Director, Corporate Services & Treasurer be authorized to engage the
services of any firm, legal or otherwise, necessary to assist in the preparation of
documentation, completion of an undertaking and any other aspects in regards
to the financing of capital projects;
6.
the Director, Corporate Services & Treasurer be authorized to apply any excess
proceeds raised on external and internal loans to other capital projects for which
long-term financing is required, or to reduce the promissory notes for internal
loans as is permitted under the Municipal Act;
7.
the Director, Corporate Services & Treasurer be directed to prepare the requisite
by-laws for presentation to and adoption by Council at its meeting of October 14,
2003; and,
8.
the appropriate officials of the City of Pickering be given authority to give effect
thereto.
Executive Summary:
Not applicable
Financial Implications:
Contained in Report below.
Background: The total value of external long-term borrowing requested for
Recommendation 2 is $254,000. The projects are as follows:
Projects Reasons Amount
Required
Sidewalk- Safety Request Completed Project with $74,000
Whites Road & Recreation Centre no formal requests
Project no 02-2323-001-06
Recreation Centre -Dry-O- T on Emergency 180,000
Project no 03-2733-005-02 Replacement
Total $254,000
The annual loan and debt repayment charges in the amount of approximately $39,645
will be funded through the general property tax levy, commencing in 2004 and
continuing thereafter until the loan is repaid.
Report CS 41-03
Date: October 1,2003
Subject: Additional Requests for External Borrowing
Page 3
The Director, Corporate Services & Treasurer has certified that these loans and the
repayment thereof falls within the City's Debt and Financial Obligations approved
Annual Repayment Limit for debt and other financial obligations for 2003 as established
by the Province for municipalities in Ontario.
Prepared By:
Approved 1 Endorsed By:
Caryn Kong
Senior Financial Analyst
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Gillis A. Paterson
Director, Corporate Services & Treasurer
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Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
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