HomeMy WebLinkAboutBy-law 6567/05THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6567/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $150,000 for the asphalt
works for Parks Crescent, Brougham Road, Sideline 16 and
Concession 7 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 City approved Report OES 29-05 at its meeting of July
25, 2005, pursuant to Resolution 133/05 and awarded Tender T-11-2005 for the
asphalt works for Parks Crescent, Brougham Road, Sideline 16 and Concession 7 in
the City of Pickering at that meeting; and,
WHEREAS the Council of the City is proceeding with the asphalt works for Parks
Crescent, Brougham Road, Sideline 16 and Concession 7 project in the City of
Pickering; and,
AND WHEREAS before the Council of the City authorized the asphalt works for Parks
Crescent, Brougham Road, Sideline 16 and Concession 7 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 asphalt works for Parks Crescent, Brougham
Road, Sideline 16 and Concession 7 in the City of Pickering in the amount of
$308,998 be financed as follows:
(a)
That the sum of $150,000 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 $98,808 be funded from the Easement Settlement
Reserve;
(c)
That the remaining sum of $60,190 be funded from the 2005 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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 19th day of September
2005.
City Clerk ~ - (.~