HomeMy WebLinkAboutBy-law 6866/08
THE CORPORATION OF THE CITY OF PICKERING
BY-lAW NO. 6866/08
Being a By-law to confirm the authorization of the
issuance of debentures in the amount of $630,000 for the
Don Beer Arena Rink 2 Renovations 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 10-08 at its meeting of April
21, 2008 pursuant to Resolution 82/08 and awarded Tender T-1-2008 for the Don
Beer Arena Rink 2 Renovations at that me~ting; and,
WHEREAS the Council of the City is proceeding with the Don Beer Arena Rink 2
Renovations in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Don Beer Arena Rink 2
Renovations, 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 Don Beer Arena Rink 2 Renovations in the amount
of $633,200 be financed as follows:
By-law No. 6866/08 (Continued)
Page 2
a) That the sum of $630,000 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 of $3,200 be funded from the 2008 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 2009 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 20th day of May, 2008.
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