HomeMy WebLinkAboutBy-law 6731/07
THE CORPORATION OF THE CITY OF PICKERING
BY-lAW NO. 6731/07
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $715,000 for the Sandy
Beach Road Bridge Replacement and Road Reconstruction
project 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 orin
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 OES32-06 at .its meeting of
October 3, 2006 pursuant to Resolution 140/06 and awarded Tender T -12-2006 for the
Sandy Beach Road Bridge Replacement and Road Reconstruction project at that
meeting; and,
WHEREAS the Council of the City is proceeding with the Sandy Beach Road Bridge
Replacement and Road Reconstruction project in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Sandy Beach Road
Bridge Replacement and Road Reconstruction project, 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 Sandy Beach Road Bridge Replacement and
Road Reconstruction project in the amount of $1,724,153 be financed as
follows:
a) That the sum of $715,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten (10) years;
By-law No. 6731/07 (Continued)
Page 2
b) That the sum of$333,335 be funded from the "Move Ontario" Reserve;
c) That the sum of $666,665 be funded from the Canada Ontario Municipal
Rural Infrastructure (COMRIF) Grant Intake 2;
d) That the balance amount of $9,153 be funded from the 2006 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 2007 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 5th day of February,
2007.
Debi A. Bentley, City Clerk