HomeMy WebLinkAboutBy-law 7928/22The Corporation of the City of Pickering
By-law No. 7928/22
Being a by-law to authorize Chestnut Hill
Developments Recreation Complex
– Generator Replacement project in the City
of Pickering and the issuance of
debentures in the amount of $1,200,000.00
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 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 to proceed with debenture financing for the
Chestnut Hill Developments Recreation Complex – Generator Replacement project;
and,
Whereas before authorizing the generator replacement in respect of the Chestnut Hill
Development Recreation Complex – Generator Replacement project in the City of
Pickering, 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, the Ontario Land Tribunal (OLT)
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 Ontario Land Tribunal approval is not required,
the Council of the City approved report OPS 14-22 on the date hereof and awarded the
Chestnut Hill Development Recreation Complex – Generator Replacement project in the
City of Pickering.
By-law 7928/22 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 the “Chestnut Hill Developments
Recreation Complex – Generator Replacement”; and,
2.That the estimated costs of the project in the amount of $1,323,694.00 be financed
as follows:
a)That the sum of $1,200,000.00 be financed by the issue of debentures by
The Regional Municipality of Durham over a period not to exceed 10 years;
b)That the sum of $123,694.00 be funded from Property Taxes; and,
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 2022 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 25th day of April, 2022
___________________________________
David Ryan, Mayor
___________________________________
Susan Cassel, City Clerk
Original Signed By
Original Signed By