HomeMy WebLinkAboutBy-law 7140/11
The Corporation of the City Of Pickering
By-law No.7140/11
Being a by-law to.authorize the Asphalt Overlay for
Sheppard Avenue, from Rosebank Road to Altona Road
in the City of Pickering and the issuance of debentures
therefor in the amount of $77,000
Whereas Section 11 of the Municipal Act, 2001, as amended, provides thata 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 40,1(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 Asphalt Overlay for Sheppard
Avenue, from Rosebank Road to Altona Road; and
Whereas before authorizing to proceed with the Asphalt Overlay for Sheppard Avenue,
from Rosebank Road to Altona Road on the date hereof, 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 is not required as per Section 401 of the Municipal
Act, 2001, as amended, and the regulations made thereunder;
And whereas after determining that Ontario Municipal Board approval is not required,
the Council of the City approved report CS 18-11 on the date hereof and awarded
Tender No. T-4-2011 for the Asphalt Overlay for Sheppard Avenue, from Rosebank
Road to Altona Road.
By-law No. 7140/11 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 "Asphalt Overlay for Sheppard
Avenue, from Rosebank Road to Altona Road",
2. That the estimated costs of the project in the amount of $97,862 be financed as
follows:
a) That the sum of $77,000 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 sum of $20,862 be funded from Invest in Ontario Grant
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 2012 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 16th day of May, 2011.
David R ro -'r yor
Debbie Shields, City Clerk