HomeMy WebLinkAboutBy-law 7099/11
The Corporation of the City of Pickering
By-Law No. 7099/11
Being a by-law to authorize the temporary
borrowing of monies to meet the current and
capital expenditures of the City of Pickering
for the year 2011.
Whereas Section 407(1) of the Municipal Act, 2001, provides that the Council of the
City of Pickering may by by-law authorize the Mayor and Treasurer of the Municipality to
borrow from time to time by way of promissory note such sums as the Council may
deem necessary to meet, until the taxes for the current year are collected and other
revenues are received, the current expenditures of the Municipality for the year,
including the amounts required for principal and interest falling due within the year upon
any debt of the Municipality, and the sums required by law to be provided by the Council
for any local board of the Municipality;
Whereas Section 407(2) limits the total of such borrowings to not exceed 50% of the
estimated annual revenues from January 1, 2011 to September 30, 2011 and 25%
thereafter;
Whereas it is deemed necessary by the said Council to borrow the sum of thirty-four
million, six hundred thousand dollars ($34,600,000) to meet, until the taxes for the
current year are received, the current expenditures of the Municipality for the year
2011, including the amounts and sums aforesaid;
Whereas the said sum of thirty-four million, six hundred thousand dollars ($34,600,000)
plus any similar borrowings that have not been repaid, is less than 50% of the total
amount of the estimated revenues of the Municipality from January 1St to September
30th as set forth in the estimates adopted by the said Council for the year 2010
exclusive of revenues derivable from the sale of assets, borrowings or issues of
debentures or from a surplus including arrears of levies and $17,300,000 is less than
25% thereafter;
Whereas the Municipal Act, 2001, provides that if a municipality has by by-law approved
an undertaking to be financed in whole or in part by incurring long-term debt, the
Council may by by-law authorize temporary borrowing to meet expenditures made in
connection with the undertaking; and,
Whereas it is deemed necessary by the said Council to borrow the sum of twelve
million, four hundred thousand dollars ($12,400,000) to meet the capital expenditures
approved by Council.
By-law No. 7099/11 Page 2
'Now therefore the Council of the Corporation of the City of Pickering hereby enacts as
follows:
The Mayor and Treasurer of the City of Pickering are hereby authorized to borrow from
time to, time byway of promissory notes' a sum or sums not exceeding thirty- four
million, six hundred thousand dollars ($34,600,000) to meet, until the levies for the year
2011 are received; the current expenditures of the Municipality for such year, including
'the amounts required for principal and interest falling due within the year upon any debt
of the Municipality for the period January 1, 2011 to September 30; 2011 inclusive and
$17,300,000 thereafter until December 31, 2011.
1. The Mayor, and'.Treasurer.of the City of Pickering are hereby authorized to borrow
from time to time by way of promissory notes a sum or sums not exceeding twelve
million, four hundred thousand dollars ($12,400,000) to meet the capital
expenditures as approved by Council, of the Municipality including the amounts
required for principal and interest.
2. Any promissory notes made under the authority of this by=law shall be sealed and
signed in accordance with the provisions of the Municipal Act, 2001, and may be
countersigned in writing by the Manager, Accounting Services of the Corporation in
accordance with the provisions of the said Act:
3'. This by-law shall come into effect on the first day of January, 2011.
By-law read a first, second and third time and finally passed this 17th day of January,
2011.
David Ry n, Mayo
Debbie Shields, City Clerk