HomeMy WebLinkAboutBy-law 6391/04THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6391/04
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $555,000 for the Pickering
Complex Chiller Replacement and Pickering Civic Complex
Chiller Conversion in the City of Pickering.
WHEREAS Section 11 of the Municipal Act, 2001, as amended, provides that a lower-
tier 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 in a regional 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 25-04 at its meeting of September 20, 2004 pursuant to Resolution #113/04 and
awarded Tender T-3-2004 for the Pickering Complex Chiller Replacement and
Pickering Civic Complex Chiller Conversion in the City of Pickering; and,
WHEREAS the Council of the City is proceeding with the Pickering Complex Chiller
Replacement and Pickering Civic Complex Chiller Conversion in the City of Pickering;
and,
AND WHEREAS before the Council of the City authorized the Pickering Complex
Chiller Replacement and Pickering Civic Complex Chiller Conversion 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 Pickering Complex Chiller Replacement and
Pickering Civic Complex Chiller Conversion in the City of Pickering in the amount
of $632,519 be financed as follows:
a)
That the sum of $130,000 for the Pickering Civic Complex Chiller
Conversion 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 $425,000 for the Pickering Recreation Complex Chiller
Replacement be financed by the issue of debentures by The Regional
Municipality of Durham over a period not to exceed ten (10) years;
c)
That the balance amount of $77,519 be funded from the 2004 Current
Budget;
2. 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 2005 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the '15th day of November
2004.
.
City Clerk