Loading...
HomeMy WebLinkAboutBy-law 6392/04THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6392/04 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $378,000 for the purchase of a Fire Pumper Vehicle 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 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 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 City of Pickering has approved Report OES 24-04 at its meeting of September 20, 2004 pursuant to Resolution 113/04 and awarded Quotation Q-29-2004 for the purchase of a Fire Pumper Vehicle in the City of Pickering; and, WHEREAS the Council of the Corporation of the City of Pickering is proceeding with the purchase of a Fire Pumper Vehicle in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the purchase of a Fire Pumper Vehicle 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 purchase of a Fire Pumper Vehicle in the City of Pickering in the amount of $378,000 be financed as follows: a) That the sum of $378,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; 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