HomeMy WebLinkAboutBy-law 7153/11
The Corporation of the City Of Pickering
By-law No 7153/11
Being a by-law to authorize the East Shore Community
Centre Parking Area Expansion project in the City of
Pickering and the issuance of debentures therefor in the
amount of $325,000
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 construction to proceed in respect of the East
Shore Community Centre Parking Area Expansion project; and,
Whereas before authorizing the construction to proceed in respect of the East Shore
Community Centre Parking Area Expansion project 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 23-11 on the date hereof and awarded
Tender T-5-2011 for the East Shore Community Centre Parking Area Expansion
project.
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 "East Shore Community Centre
Parking Area Expansion";
By-law No. 7153/11 Page 2
2. That the estimated costs of the project in the amount of $602,776 be financed as
follows:
a) That the sum of $325,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) years at
a rate to be determined;
b) That the sum of $19,704 be funded from property taxes;
c) That the sum of $18,072 be funded from the Rate Stabilization Reserve:
d) That the sum of $240,000 be funded from the Easement Settlement Reserve;
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 11th day of July, 2011.
David Ryan, M
Debbie Shields, City Clerk
L