HomeMy WebLinkAboutBy-law 7034/10
The Corporation of the City Of Pickering
By-law No. 7034/10
Being a by-law to authorize the issuance of debentures in
the amount of $410,000 for the Don Beer Arena
Accessibility Upgrades and Environmental Improvements
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 wishes construction to proceed in respect of the Don
Beer Arena Accessibility Upgrades and Environmental Improvements project; and,
Whereas before authorizing the construction to proceed in respect of the Don Beer
Arena Accessibility Upgrades and Environmental Improvements 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 Whereas after determining that Ontario Municipal Board approval is not required,
the Council of the City approved report OES 07-10 on the date hereof and awarded
Tender T-24-2009 for the Don Beer Arena Accessibility Upgrades and Environmental
Improvements project.
Now therefore the council of The Corporation of the City of Pickering hereby enacts as
follows:
i
By-law No. 7034/10 Page 2
1. That the City proceed with the project referred to as "Don Beer Arena Accessibility
Upgrades and Environmental Improvements
2. That the estimated costs of the project in the amount of $2,703,500 be financed as
follows:
a) `The sum of $410,000 be financed by the issue of debentures by the Regional
Municipality of Durham over a period not exceeding ten (10) years;
b)., The sum of $1,680,000 be funded through Provincial and Federal Grant:
Recreation Infrastructure Canada (RInC) Program in Ontario;
c) The sum of $100,000`befunded from the Don Beer Arena Reserve;
d) The sum of $511,750 be funded from the Federal Gas Tax Reserve Fund;
e) The balance sum of $1,750 be funded from Property Taxes;
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 2010 and continuing
thereafter until the loan is repaid.
By-law read afirst, second and,third time and finally passed this 29th,day of March,
2010.
David Rya r
Debbie Shields, City Clerk,