HomeMy WebLinkAboutBy-law 7801/20The Corporation of the City of Pickering
By-law N~.7801/20
Being a by-law to authorize Chestnut_ Hill
Developments, Recreation Complex -Lobby &
Core Area Renovations -Construction project
in the City of Pickering and the issuance of .
debentures in the amount of$5,600',000.00
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 powerto 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 to proceed with debenture financing for the
Chesthut Hil_l Developments Recreation Complex -Lobby & Core Area Renovations -
Construction project; and,
Whereas before authorizing renovation and construction in respect of the Chestnut Hill
Development Recreation Complex -Lobby & Core Area Renovations -Construction
project in the City of Pickering, the Council of the City had the Treasurer update the
City's Annual Repayment Limit, theTreasurer 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, the Local Planning Appeal
Tribunal approval is not required as per Section 401 of the Municipal Act, 2001, as
amended, and the regulations made thereunder; and,
And whereas after determining that the Local Planning Appeal Tribunal approval is not
required, the Councilof the City approved report CS 02-20 on the date hereof and
awarded Tender No. T2020-16 for the Chestnut Hill Developments Recreation Complex
-Lobby & Core Area Renovations -Construction project in the City of Pickering;
By-law No. 7801/20 Page 2
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows:
1. That the City proceed with the project referred to as "Chestnut Hill Developments
Recreation Complex -Lobby & Core Area Renovations -Construction";
2. That the estimated costs of the project in the amount of $5,635,321.00 be financed
as follows:
a) That the sum of $5,600,000.00 be financed by the issue of debentures by
The Regional Municipality of Durham over a period not to excee.d 20 years;
b) That the sum of $35,321.00 be funded by a transfer from the Rate
Stabilization Reserve; and,
3. That the funds to repay the principal and interest of.the debentures be provided for
in the annual Current Budget for th.e City commencing in 2021 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 14th day of December, 2020
Su~ Cassel, City Clerk.