HomeMy WebLinkAboutBy-law 6192/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6192/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $160,000 to purchase a
2002 Champion 740VHP Grader for the purpose of
maintaining roads in the City of Pickering.
WHEREAS Section 11 of the Municipal Act 2001, as amended, provides that a lower-
tier municipality in a regional municipality may pass by-laws respecting matters within
the spheres of jurisdiction described in that Section; and,
WHEREAS Subsection 401(1) of the MunicipalAct, 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 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 has approved Report CS 08-03 at its meeting of
January 20, 2003, pursuant to Resolution #6/03 and endorsed the purchase of a 2002
Champion 740VHP Grader project at that meeting; and,
WHEREAS the purchase of a 2002 Champion 740VHP Grader project has been
completed; and,
AND WHEREAS before the Council of the City authorized the purchase of a 2002
Champion 740VHP Grader 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 Municipal
Board approval was not required prior to City Council's authorization as per Section 401
of the Municipal Act, 2001, as amended, and the regulations made thereunder.
NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW
OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS:
1. That the estimated costs of the purchase of the 2002 Champion 740VHP Grader;
2. That the estimated costs of $214,000 be financed as follows:
a)
That the sum of $160,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) years;
b)
That the sum of $53,100 be funded from the Development Charges (Old By-
law ) Reserve Fund;
c) That the balance amount of $900 be financed from the 2003 Current Budget;
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 2004 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 14th day of October
?
2003. ~ ,,
M a Y/O,_¢
,, City Clerk