HomeMy WebLinkAboutBy-law 6198/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6198/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $100,000 for Asphalt
Paving and Concrete Works for Liverpool Road South 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 Corporation of the City of Pickering is proceeding with
the construction of Asphalt Paving and Concrete Works-Liverpool Road South in the
City of Pickering; and,
WHEREAS the Council of the Corporation of the City of Pickering has approved
Report CAe 09-03 at its meeting of October 14, 2003 and awarded Tender T-11-2003
for Asphalt Paving and Concrete Works-Liverpool Road South project in the City of
Pickering; and,
AND WHEREAS before the Council of the City authorized the construction of the
Asphalt Paving and Concrete Works-Liverpool Road South 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 construction of the Asphalt Work and Concrete
Works-Liverpool Road South in the City of Pickering in the amount of $100,000
be financed as follows:
That the sum of $100,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten (10) years;
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 2004 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed tl~:..'f.C~ay of October
2003.
"City Clerk