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HomeMy WebLinkAboutBy-law 6194/03THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6194/03 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $200,000 for Petticoat Creek Culvert Rehabilitation 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 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 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 approved Report CAO 09-03 at its meeting of October 14, 2003, and awarded Tender T-10-2003 for the Petticoat Creek Culvert Rehabilitation in the City of Pickering at that meeting; and, WHEREAS the Council of the City is proceeding with the construction of the Petticoat Creek Culvert Rehabilitation in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the construction of the Petticoat Creek Culvert Rehabilitation in the City of Pickering, 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 Munic/pa/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: That the estimated costs of the construction of Petticoat Creek Culvert Rehabilitation in the City of Pickering in the amount of $221,858 be financed as follows: a) That the sum of $200,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; b) That the sum of $21,858 be funded by the proceeds from the 2001 Internal Loans; That the funds to repay the principal and interest of the debentures be provided for in the annual Current Budget for the City of Pickering 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 d~y of October 2003. ,.-~ ~?" .... .¢'~_ . City Clerk " -