HomeMy WebLinkAboutBy-law 6196/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6196/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $818,000 for the
Reconstruction of Rougemount Drive 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 Corporation of the City of Pickering has approved Report
OES 19-03 at its meeting of July 28, 2003 pursuant to Resolution #113/03 and
awarded Tender T-2-2003 for the reconstruction of Rougemount Drive in the City of
Pickering; and,
WHEREAS the Council of the City is proceeding with the reconstruction of
Rougemount Drive in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the reconstruction of the
Rougemount Drive 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 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:
That the estimated costs of the reconstruction of Rougemount Drive in the City
of Pickering in the amount of $842,958 be financed as follows:
a)
That the sum of $818,000 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 $24,148 be funded from Replacement Capital Reserve;
c)
That the balance amount of $810 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 ~' of October
2003.
/' City Clerk