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