HomeMy WebLinkAboutBy-law 6570/05THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6570/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $451,000 for the Pickering
Museum Village Program Centre 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
municipality
in any other
Subsection 401(1) of the Municipal Act, 2001, as amended, provides that a
may incur a debt for municipal purposes, whether by borrowing money or
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 01-05 at its meeting of
January 17, 2005 pursuant to Resolution 6/05 and awarded Tender T-6-2004 for the
Pickering Museum Village Program Centre at that meeting; and,
WHEREAS the Council of the City is proceeding with the Pickering Museum Village
Program Centre in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Pickering Museum
Village Program Centre 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:
1. That the estimated costs of the Pickering Museum Village Program Centre project in
the amount of $937,336 be financed as follows:
a) That the sum of $451,000 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 $286,000 be funded by contributions from the Pickering
Museum Village Foundation;
c) That the sum of $190,000 be funded by the Common Facilities Reserve Fund;
d) That the sum of $10,336 be funded by the 2005 Current Funds;
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 ' """""""" "~~