HomeMy WebLinkAboutBy-law 6808/07
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6808/07
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $880,000 for the Sheppard
Avenue, Reinforced Soil System 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 36-07 at its meeting of
September 17, 2007 pursuant to Resolution 179/07 and awarded Tender T-2-2007 for
the Sheppard Avenue, Reinforced Soil System at that meeting; and,
WHEREAS the Council of the City is proceeding with the Sheppard Avenue, Reinforced
Soil System in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Sheppard Avenue,
Reinforced Soil System, 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 Sheppard Avenue, Reinforced Soil System in the
amount of $881 ,686 be financed as follows:
By.law No. 6808/07
Page 2
a) That the sum of $880,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed fifteen (15)
years;
b) That the balance amount of $1,686 be funded from the 2007 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 2008 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 15th day of October,
2007.
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Debi A. Wilcox, City Clerk