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HomeMy WebLinkAboutCS 63-05 REPORT TO EXECUTIVE COMMITTEE Report Number: CS 63-05 Date: September 6, 2005 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Final Approval for Financing of Council Approved Capital Projects - Internal Loans and External Borrowing Through the Issuance of Debt Recommendation: That Report CS 63-05 from the Director, Corporate Services & Treasurer be approved; and that: Council approve the internal loans of up to $50,000 to be financed from the Development Charges Reserve Funds based on the purposes, terms & conditions as specified in Attachment 1 and furthermore, that the Director, Corporate Services & Treasurer be authorized and directed to take whatever actions necessary, including the recommendations below, to give effect thereto; and, 3. the Director, Corporate Services & Treasurer be authorized to: a) undertake long term financing through the issuance of debt up to a total amount of $2,792,000 for the projects listed on Attachment 2 in the indicated amounts up to a maximum term of 20 years, through the Region of Durham or for the following purposes, as indicated in Attachment 2; Cost Centres Amount Roads $ 1,445,000 Sidewalks 197,000 Culture & Recreation 611,000 Fire 539,000 Total $ 2,792,000 b) undertake the financing of any projects or portions thereof that cannot be accommodated through the foregoing through internal loans or a financial institution offering long term financing under similar terms and conditions; c) finance any capital expenditures currently financed through internal loans, should the need for funds arise, through the Region of Durham or through a financial institution; Report CS 63-05 Subject: Final Approval for Financing of Council Approved Capital Projects -Internal Loans and External Borrowing Through the Issuance of Debt September 6, 2005 Page 2 o 10. d) make any changes, adjustments, revisions to amounts, terms and conditions or any other actions necessary in order to effect the above directions of Council; the costs of undertaking the financing, currently estimated at up to approximately $28,000, be charged to the 2005 Current Budget, General Government Loan Repayment; the annual repayment costs of principal and interest amounting to approximately $352,850 be included in the 2006 Current Budget and thereafter until the loan is repaid; the Director, Corporate Services & Treasurer be directed and authorized to finance any capital projects, the financing for which is not specifically approved by Council, through the issuance of debt or long term financing arrangements, through the Region of Durham, a financial institution, internal loans or whatever means necessary at the discretion of the Treasurer; the Director, Corporate Services & Treasurer be authorized to engage the services of any individual or firm, legal or otherwise, necessary to assist in the preparation of documentation, completion of an undertaking and any other aspects in regards to the financing of capital projects; the Director, Corporate Services & Treasurer be authorized to apply any excess proceeds raised on external and internal loans to other capital projects for which long-term financing is required, or to reduce the promissory notes for internal loans as is permitted under the Municipal Ac~, the Director, Corporate Services & Treasurer be directed to prepare the requisite by-laws for presentation to and adoption by Council at its meeting of September 19, 2005; and, the appropriate officials of the City of Pickering be given authority to give effect thereto. Executive Summary: While long term financing (internal and external) was always generally approved by Council during the annual capital budgeting process and/or through specific reports, there has never been a specific formal approval by the Council for capital projects requiring such financing with the terms and conditions being specified in detail. This Report to Council serves as that final formal approval and Corporate Services will complete all the necessary documentation. The 2004 and 2005 approved debt financed capital projects will be funded by a combination of issuance of internal loans and external debts through the Region of Durham as per Attachment 2. Council has to formally approve the request to undertake the long term financing Report CS 63-05 Subject: Final Approval for Financing of Council Approved Capital Projects -Internal Loans and External Borrowing Through the Issuance of Debt September 6, 2005 Page 3 through the issuance of debentures through the Region of Durham at the terms and conditions as arranged in the capital markets as was approved by Council for the 2004 and 2005 Capital Budgets. The Director, Corporate Services & Treasurer has certified that these loans and the repayment thereof falls within the City's Debt and Financial Obligations approved Annual Repayment Limit for debt and other financial obligations for 2005 as established by the Province for municipalities in Ontario. Financial Implications: Total Cost of All Proiects In addition to debt financing, these projects are also funded by other sources of funds. The breakdown of the various sources of funds is as follows: Sources Debentures Current Funds InternalThird Party Reserves Total Funds PreviouslyLoans Contribution& Costs Raised- Reserve Debt Funds Projects $2,792,000 107,020 144,074 50,000 298,583 520,709 $3,912,386 Other than debt financing of $2,792,000, the combined total of all other sources of funds is $1,120,386. The grand total cost of all these projects is $3,912,386. Internal Loans The $110,000 budgeted for in 2005 for the purchase of two vehicles are either financed internally or through dealer financing. The first six months of payment has been budgeted for under General Government in the 2005 Current Budget in the amount of $25,983. It is uncertain at this time, the method of financing to be used and thus not included as internal loans at this juncture. The current internal loan of $50,000 relates to a 2004 Capital Budget project for the purchase of the telescopic boom excavator was necessary due to cost of equipment exceeding the original budgeted amount. This additional requirement had been reflected in the Report to Council OES 39-04. The combined principal and interest payment for the above internal loans will be $11,150 and payment will commence in 2006. These internal loans will be temporary financed by the Development Charges Reserve Funds and repay through an allocation in the annual current budget commencing in 2006. The internal borrowing rate is determined by using the OSIFA's 5-year rate. This rate as of August 18, 2005 is 3.73%. The most recent rate available through the issue from the Report CS 63-05 Subject: Final Approval for Financing of Council Approved Capital Projects -Internal Loans and External Borrowing Through the Issuance of Debt September 6, 2005 Page 4 Region of Durham was the December 2004 issue and the average 5-year rate was 3.67%. Using this as a guideline and comparing the alternative of borrowing through OSIFA, OSIFA's most recent rate as of August 18, 2005 would be the more reliable rate to use for this internal loan. External Debts The total of all 2005 external debts requested is $2,792,000; out of which $617,000 is related to 2004 capital budget items and the remainder of $2,175,000 being 2005 capital projects. Attachment 2 provides a detail breakdown of all projects funded by external debt. The external borrowing rate will be determined by the capital markets at the time of the issuance of the debt. Financial Burden The annual loan and debt repayment charges are funded through the general property tax levy in the annual Current Budgets. The projected total of internal loans and debts outstanding for December 31, 2005 is $16,175,162 net of principal repayments to date. Please refer to Attachment 3. Background: Continuous growth has created a need for capital infrastructure to maintain the level of services provided to residents and businesses. Funding sources for capital projects are identified and approved by Council prior to the commencement of the projects. The continuous growth coupled with aging capital infrastructure calls for expansion to new facilities, replacement and repairs. This prompted the need for more borrowing to fund the capital projects. Total borrowings from the reserve funds to finance 2004 and prior years capital projects is projected at $5,349,162 for year end 2005. The 2005 budgeted internal loans of $110,000 for the purchase of two vehicles are to be financed either through dealer finance or internal loans when dealer financing is not a better option. Such internal borrowings require appropriate approvals and documentation in accordance with both the Municipal Act 2001, S418 and the Development Charges Act 1997, O. Reg. 82/98 s. 12(2)3,4,5. Corporate Services will complete the necessary documentation including Promissory Notes indicating the amount, term, interest rate and other relevant information relating to the internal loans and their repayment. Normally, all external debt requested by an area municipality is issued through the Region of Durham. However, if there may be other more cost effective means of financing available, the Treasurer may resort to these alternatives. Alternate financing may be desirable or necessary for some portions of the City's requirements. The Recommendations allow for the best course of action to take place. Report CS 63-05 Subject: Final Approval for Financing of Council Approved Capital Projects -Internal Loans and External Borrowing Through the Issuance of Debt September 6, 2005 Page 5 The recommendations also provide a limited degree of flexibility in the event that the documentation for projects or portions thereof is insufficient to meet the legal requirements for a debenture issue in that the project can then be financed through other means. They also provide for some flexibility with the treatment of excess proceeds that may be raised as a result of the market conditions (i.e. issued as a premium) or excess funds resulting once project costs are complete and final. The costs of financing of approximately $28,000 have been included in the 2005 Current Budget for the 2005 capital projects. This cost represents commissions, legal fees, registration for debentures with the Canadian Depository for Securities (C.D.S.) and any discount upon sale. Under Pursuant to Resolution 144/99 the Mayor and Treasurer has the authority to sign the Promissory Notes. Attachments: 2. 3. 4. Internal Loan Funded by Dev. Charges Reserve Fund as at December 31,2005 External Debentures, Through Region of Durham or a Financial Institution Total Projected Internal Loans & Debts Outstanding at December 31,2005 By-law No. 6564/05 to 6572/05 Prepared By: Caryn Kong Senior Financial Analyst GAP:vw Attachments Copy: Chief Administrative Officer Recommended for the consideration of Approved / Endorsed By: Gillis A. Paterson Director, Corporate Services & Treasurer Pickering City/Council ,. "/~" I" , Th~;:~'-C'J.-Qu%¢ Ch(c,f/Admi~~e O~icer / ^TTACHHENT #_L__TO KEPOB,T # (~ ~.~-- O~ Budget Year Project Number Terms Reference Amount Description of Loans Roads 2004 04-2320-004-00 5-yr OES 39-04 Feb 7,05 Res 27~05 Q-41-2004. Telescopic Boom Excavator Gradall Model 4100 Also Ext. Debt $288,000 * Amount of internal loan identified in RTC is $63,000 reduce by proceeds. Source of funding External Debt as indicated in RTC Proceed from auction sale of old excavator Current Funds Internal Loan require Cost of excavator (288,000.00) (12,582.88) (525.12) (50,000.00)* (351,108.00) $ 50,000 Total Internal Loan for 2005 $ 50,000 cs63ck attachments.xls Internal Loans 07/09/2005 Budget Year Project Number Roads 2004 04-2320-004-00 2004 04-2320-004-01 2005 05-2320-008-02 2005 05-2320-008-06 2005 05-2320-008-00 .Sidewalk 2004 Total Roads 04-2323-001-01 04-2323-001-03 04-2323-001-04 Culture & Recreation Museum 2005 05-2744-001-01 Civic Complex-Core 2005 05-2731-005-01 Fire 2005 05-2240-001-00 Total Debentures Terms Reference Description 5-yr OES 39-04 Feb 7,05 Res 27/05 Q-41-2004 Telescopic Boom Excavator Gradall Model 4100 Also Int. Loan $50,000 5-yr OES 22-05 Supply & Delivery of an Res 109/05 June 27,2005 Articulating Wheel Loader Q-20-2005 10-yr OES 19-05 June 20, 2005 Res 99/05 Item 9 Surface Treatment Works-7th Concessi Road, Hoxton Street & Westney Road 10-yr OES 29-05 Asphalt Works-Park Crescent, Res 133/05 July 25, 2005 Brougham Rd, Sideline 16 & Conc. 7 20-yr OES 24-05 Liverpool Road Nautical Res 110/05 June 27,2005 Village Boulevard & Streetscape T-3-2005 10-yr OES 33-04 Nov. 1,04 Res 135104 T-4-2004 Asphalt & Concrete Sidewalk Installations-Annland, Eastbank, Kingston Rd.,Strouds Lane, Valley Farm Rd, Eight Concession 10-yr 10-yr OES 01-05 Jan, 17,2005 Resol 6/05 Item 1, T-6-2004 OES 21-05 June 20, 2005 Res 99/05 Item 8 Pickering Museum Village Program Centre Architectual Services- Design of doubles squash courts & aerobics studios at the Pickering Recreation Complex 10-yr OES 27-05 Supply & Delivery Res 111/05 June 27,2005 of a Fire Pumper Vehicle Q-24-2005 Amount of Debt $ 288,000 132,000 175,000 150,000 700,000 $ 1,445,000 $ 197,000 451,000 160,000 539,000 $ 2,792,000 cs63ck attachments.xls External Debt 07/09/2005 2001 & 2002 2003 2004 2005 Dec. 31, 2005 Original Principal Principal Principal Principal Outstanding Amount Repayment Repayment Repayment Repayment Balance Internal Loans 2001 & Capital Projects $7,677,000 ($1,228,926) ($939,545) ($738,935) ($857,543) $3,912,051 2002 Capital Projects 1,224,000 0 (98,180) (103,836) (115,361) 906,623 2003 Capital Projects 349,071 0 0 (27,495) (29,963) 291,613 2004 Capital Projects 267,000 0 0 0 (28,125) 238,875 2005 Capital Projects 50,000 0 0 0 0 50,000 Total Internal Loans $9,567,071 ($1,228,926) ($1,037,725) ($870,266) ($1,030,992) $5,399,162 External Debts 2002 Capital Projects $4,278,000 $0 ($252,000) ($266,000) ($280,000) $3,480,000 2003 Capital Projects 3,494,000 0 0 0 (351,000) 3,143,000 2004 Capital Projects 1,537,000 0 0 0 (176,000) 1,361,000 2005 Capital Projects 2,792,000 0 0 0 0 2,792,000 Total External Debts $12,101,000 $0 ($252,000) ($266,000) ($807,000) $10,776,000 Total Projected Debts $21,668,071 ($1,228,926) ($1,289,725) ($1,136,266) ($1,837,992) $16,175,162 cs63ck-Attachment 3.xls Total debt-RTC 2005 07/09/2005 ATTACHHENT #~TO RE?ORT#,,~,..~ ~,3- THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6564/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $288,000 for the supply and delivery of a Telescopic Boom Excavator project 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 MunicipalAct, 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 approved Report OES 39-04 at its meeting of February 7, 2005 pursuant to Resolution 27/05 and awarded Quotation Q-41-2004 for the supply and delivery of a Telescopic Boom Excavator project at that meeting; and, WHEREAS the supply and delivery of a Telescopic Boom Excavator project has been completed; and, AND WHEREAS before the Council of the City authorized the supply and delivery of a Telescopic Boom Excavator project, 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 was not required prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: 1. That the estimated costs of the supply and delivery of a Telescopic Boom Excavator project in the amount of $351,108 be financed as follows: a) That the sum of $288,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed five (5) years; b) c) That the sum of $50,000 be financed by internal loans from Development Charges Reserve Fund over a period not to exceed five (5) years; That the sum of $12,583 be funded by auction proceeds from the sale of the old telescopic excavator; d) That the balance of $525 be funded by 2005 Current Funds; 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 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed this 19th day of September 2005. Mayor City Clerk THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6565/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $132,000 for the supply and delivery of an Articulating Wheel Loader project 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 approved Report OES 22-05 at its meeting of June 27, 2005 pursuant to Resolution 109/05 and awarded Quotation Q-20-2005 for the supply and delivery of an Articulating Wheel Loader at that meeting; and, WHEREAS the Council of the City is proceeding with the purchase of an Articulating Wheel Loader in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the supply and delivery of an Articulating Wheel Loader project, 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 was not required prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: 1. That the estimated costs of the supply and delivery of an Articulating Wheel Loader in the amount of $132,837 be financed as follows: a) That the sum of $132,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed five (5) years; b) That the balance of $837 be funded from the 2005 Current Budget; 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 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed the 19th day of September 2005. Mayor City Clerk THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6566/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $175,000 for the surface treatment works for Seventh Concession Road, Hoxton Street and Westney Road in the City of Picketing. 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 approved Report OES 19-05 at its meeting of June 20, 2005 pursuant to Resolution 99/05 and awarded Quotation T-7-2005 for the surface treatment works for Seventh Concession Road, Hoxton Street and Westney Road at that meeting; and, WHEREAS the Council of the City is proceeding with the surface treatment works for Seventh Concession Road, Hoxton Street and Westney Road in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the surface treatment works for Seventh Concession Road, Hoxton Street and Westney Road 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, Ontario Municipal Board approval was not required prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: That the estimated costs of the surface treatment works for Seventh Concession Road, Hoxton Street and Westney Road in the City of Pickering in the amount of $406,901 be financed as follows: a) That the sum of $175,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; b) That the sum of $231,901 be funded from the Easement Settlement Agreement Reserve; That the funds to repay the principal and interest of the debentures be provided for in the annual Current Budget for the City of Pickering commencing in 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed the 19th day of September 2005. Mayor City Clerk THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6567/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $150,000 for the asphalt works for Parks Crescent, Brougham Road, Sideline 16 and Concession 7 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 approved Report OES 29-05 at its meeting of July 25, 2005, pursuant to Resolution 133/05 and awarded Tender %11-2005 for the asphalt works for Parks Crescent, Brougham Road, Sideline 16 and Concession 7'in the City of Pickering at that meeting; and, WHEREAS the Council of the City is proceeding with the asphalt works for Parks Crescent, Brougham Road, Sideline 16 and Concession 7 project m the City of Pickering; and, AND WHEREAS before the Council of the City authorized the asphalt works for Parks Crescent, Brougham Road, Sideline 18 and Concession 7 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, Ontario Municipal Board approval was not required prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: That the estimated costs of the asphalt works for Parks Crescent, Brougham Road, Sideline 16 and Concession 7 in the City of Picketing in the amount of $308,998 be financed as follows: (a) That the sum of $150,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; (b) That the sum of $98,808 be funded from the Easement Settlement Reserve; (c) That the remaining sum of $60,190 be funded from the 2005 Current Budget 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 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed the 19th day of September 2005. Mayor City Clerk THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6568/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $700,000 for the Liverpool Road Nautical Village Boulevard & Streetscape 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 approved Report OES 24-05 at its meeting of June 27, 2005 pursuant to Resolution 110/05 and awarded Tender T-3-2005 for the Liverpool Road Nautical Village Boulevard & Streetscape Improvements in the City of Pickering; and, WHEREAS the Council of the City is proceeding with the Liverpool Road Nautical Village Boulevard & Streetscape Improvements in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the Liverpool Road Nautical Village Boulevard & Streetscape Improvements 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, Ontario Municipal Board approval was not required prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: That the estimated costs of the Liverpool Road Nautical Village Boulevard & Streetscape Improvements in the City of Pickering in the amount of $844,074 be financed as follows: a) That the sum of $700,000 for the Liverpool Road Nautical Village Boulevard & Streetscape Improvements be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed twenty (20) years; b) That the sum of $40,755 be funded from unspent amount from the 2003 budgeted Liverpool Road Millennium Square project, originally debt- financed in 2004; c) That the sum of $103,319 be funded from excess funds raised from the completed Audley Road South project, originally debt-financed in 2004; 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 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed the 19th day of September 2005. Mayor City Clerk THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6569/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $197,000 for the Asphalt & Concrete Sidewalk Installations at Annland Street, Eastbank Road, Strouds Lane, Valley Farm Road and Eight Concession Road 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 approved Report OES 33-04 at its meeting of November 1,2004 pursuant to Resolution 135/04 and awarded Tender %4-2004 for the Asphalt & Concrete Sidewalk Installations at Annland Street, Eastbank Road, Strouds Lane, Valley Farm Road and Eight Concession Road project at that meeting; and, WHEREAS the Asphalt & Concrete Sidewalk Installations at Annland Street, Eastbank Road, Strouds Lane, Valley Farm Road and Eight Concession Road project has been completed; and, AND WHEREAS before the Council of the City authorized the Asphalt & Concrete Sidewalk Installations at Annland Street, Eastbank Road, Strouds Lane, Valley Farm Road and Eight Concession Road project, 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 was not required prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: That the estimated oosts of the Asphalt & Concrete Sidewalk Installations at Annland Street, Eastbank Road, Strouds Lane, Valley Farm Road and Eight Concession Road project in the amount of $229,831 be financed as follows: a) That the sum of $197,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; b) That the balance amount of $32,831 be funded from the 2005 Current Funds; 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 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed the 19th day of September 2005. Mayor City Clerk THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6570/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $451,000 for the Pickering Museum Village Program Centre 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 municipality in any other Subsection 401(1) of the Municipal Act, 2001, as amended, provides that a may incur a debt for municipal purposes, whether by borrowing money or 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 approved Repod OES 01-05 at its meeting of January 17, 2005 pursuant to Resolution 6/05 and awarded Tender T-6-2004 for the Pickering Museum Village Program Centre at that meeting; and, WHEREAS the Council of the City is proceeding with the Pickering Museum Village Program Centre in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the Pickering Museum Village Program Centre 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, Ontario Municipal Board approval was not required prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: 1. That the estimated costs of the Pickering Museum Village Program Centre project in the amount of $937,336 be financed as follows: a) That the sum of $451,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; b) That the sum of $286,000 be funded by contributions from the Picketing Museum Village Foundation; c) That the sum of $190,000 be funded by the Common Facilities Reserve Fund; d) That the sum of $10,336 be funded by the 2005 Current Funds; 2. 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 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed the 19th day of September 2005. Mayor City Clerk THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6571/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $160,000 for the Architecture Service for the design of doubles squash courts and aerobics studios at the Pickering Recreation Complex project 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 approved Report OES 21-05 at its meeting of June 20, 2005 pursuant to Resolution 99/05 and awarded the project to Jurecka & Associates for the Architecture Service for the design of doubles squash courts and aerobics studios at the Pickering Recreation Complex at that meeting; and, WHEREAS the Council of the City is proceeding with the Architecture Service for the design of doubles squash courts and aerobics studios at the Pickering Recreation in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the Architecture Service for the design of doubles squash courts and aerobics studios at the Pickering Recreation Complex 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, Ontario Municipal Board approval was not required prior to City Council's authorization as per Section 401 of the MunicipalAct, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: That the estimated costs of the Architecture Service for the design of doubles squash courts and aerobics studios at the Pickering Recreation Complex in the City of Pickering in the amount of $161,970 be financed as follows: a) That the sum of $160,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; b) That the balance amount of $1,970 be funded from the 2005 Current Budget; That the funds to repay the principal and interest of the debentures be provided for in the annual Current Budget for the City of Pickering commencing in 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed the 19th day of September 2005. Mayor City Clerk THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6572/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $539,000 for the Supply & Delivery of a Fire Pumper Vehicle 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 MunicipalAct, 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 approved Report OES 27-05 at its meeting of June 27, 2005, pursuant to Resolution 111/05 and awarded Quotation Q-24-2005 for the Supply & Delivery of a Fire Pumper Vehicle in the City of Pickering at that meeting; and, WHEREAS the Council of the City is proceeding with the Supply & Delivery of a Fire Pumper Vehicle in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the Supply & Delivery of a Fire Pumper Vehicle 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, Ontario Municipal Board approval was not required prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as amended, and the regulations made thereunder. NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS: That the estimated costs of the Supply & Delivery of a Fire Pumper Vehicle in the City of Pickering in the amount of $539,331 be financed as follows: a) That the sum of $539,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; b) That the balance amount of $331 be funded from the 2005 Current Fund; 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 2006 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed the 19th day of September 2005. Mayor City Clerk