HomeMy WebLinkAboutBy-law 6881/08
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THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO.6881/08
Being a by-law to authorize the City Road
Reconstruction and Storm Sewer Works,
Region Water and Sanitary Sewer Works
(Sheppard Avenue, Altona Road to
Rosebank Road), in the City of Pickering and
the issuance of debentures therefore in the
amount of$1 ,295,000.
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 wishes construction to proceed in respect of the City
Road Reconstruction and Storm Sewer Works, Region Water and Sanitary Sewer
Works (Sheppard Avenue, Altona Road to Rosebank Road), project; and,
WHEREAS before authorizing the construction to proceed in respect of the City Road
Reconstruction and Storm Sewer Works, Region Water and Sanitary Sewer Works
(Sheppard Avenue, Altona Road to Rosebank Road), project on the date hereof 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 is not required as per
Section 401 of the Municipal Act, 2001, as amended, and the regulations made
thereunder; and,
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By-law No. 6881/08
Page 2
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AND WHEREAS after determining that Ontario Municipal Board approval is not
required, the Council of the City approved Report OES 19-08 on the date hereof and
awarded Tender T-4-2008 for the City Road Reconstruction and Storm Sewer Works,
Region Water and Sanitary Sewer Works(Sheppard Avenue, Altona Road to Rosebank
Road), project.
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 City proceed with the construction of the project referred to as "City Road
Reconstruction and Storm Sewer Works, Region Water and Sanitary Sewer Works
(Sheppard Avenue, Altona Road to Rosebank Road)";
2. That the estimated costs of the construction in the amount of $2,557,083 be
financed as follows:
a) That the sum of $1,295,000 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 $279,000 be funded from the Development Charges Reserve
Fund;
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c) That the sum of $100,000 be funded from the Provincial Budget Grant;
d) That sum $882,467 be funded by the Regional Municipality of Durham;
e) That the balance of $616 be funded from the 2008 Current Budget;
3. 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 14th day of July, 2008.
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David Rya~ "'
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Debi A. Wilcox, City Clerk
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