HomeMy WebLinkAboutBy-law 6882/08
THE CORPORATION OF THE CITY OF PICKERING
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BY-LAW NO. 6882/08
Being a by-law to confirm the authorization of
the issuance of debentures in the amount of
$171,000 for the supply and delivery of a 4-
Ton Dump Truck 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,
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WHEREAS the Council of the City approved Report OES 22-08 at its meeting of July
14, 2008 pursuant to Resolution 135/08 and awarded Quotation Q-32-2008 for the
supply and delivery of a 4-Ton Dump Truck at that meeting; and,
WHEREAS the Council of the City is proceeding with the supply and delivery of a 4-Ton
Dump Truck in the City of Pickering; and,
WHEREAS before the Council of the City authorized the supply and delivery of a 4-Ton
Dump Truck, 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.
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BY-LAW NO. 6882/08 (Continued)
Page 2
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NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF
PICKERING HEREBY ENACTS AS FOLLOWS:
1. That the estimated costs of the supply and delivery of a 4-Ton Dump Truck in the
amount of $171,513.72 be financed as follows:
a) That the sum of $171,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) years;
b) That the balance of $513.72 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 14th day of July, 2008.
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Debi A. Wilcox, City Clerk.
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