HomeMy WebLinkAboutBy-law 7530/16 The Corporation of the City of Pickering
By-law No. 7530/16
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 2017.
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 City 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 City for the year, including the amounts
required for principal and interest falling due within the year upon any debt of the City,
and the sums required by law to be provided by the Council for any local board of the
City; V
Whereas Section 407(2) limits the total of such borrowings to not exceed 50% of the
estimated annual revenues from January 1 to September 30, 2017 and 25% thereafter;
Whereas it is deemed necessary by the said Council to borrow the sum of forty-three
million dollars ($43,000,000) to meet, until the taxes for the current year are received,
the current expenditures of the City for the year 2017, including the amounts and sums
aforesaid;
Whereas the said sum of forty-three million dollars ($43,000,000) plus any similar
borrowings that have not been repaid, is less than 50% of the total amount of the
estimated revenues of the City from January 1 to September 30 as set forth in the
estimates adopted by the Council for the year 2016 exclusive of revenues derivable
from the sale of assets, borrowings or issues of debentures or from a surplus including
arrears of levies, and twenty-one million five-hundred thousand dollars ($21,500,000) is
less than 25% of the estimated revenues 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 Council to borrow the sum of forty-three million
dollars ($43,000,000) to meet the capital expenditures approved by Council.
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By-law No. 7530/16 Page 2
Now therefore the Council of the Corporation of the City of Pickering hereby enacts as follows:
1. The Mayor and Director, Finance & 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 forty-three
million dollars ($43,000,000) to meet, until.the1evies for the year 2017 are received, the
current expenditures of the City for such year, including the amounts required for principal and
interest falling due within the year upon any debt of the City for the period January 1 to
September 30, 2017 inclusive and twenty-one million five-hundred thousand dollars
($21,500,000) thereafter until December 31, 2017.
2. The Mayor and Division Head, Finance & 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 forty-three million dollars ($43,000,000) to meet the capital expenditures as
approved by Council, of the City including the amounts required for principal and interest.
3. 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.
4. This By-law shall come into effect on the first day of January, 2017.
By-law passed this 12th day of December, 2016.
.17
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David Ryan, Ma, : .
Debbie Shields, City Clerk ""