HomeMy WebLinkAboutBy-law 7163/11
The Corporation of the City Of Pickering
By-law No.7163/11
Being a by-law to authorize-the Valley Farm Road -
Road Drainage and Road Safety Improvements, in the
City of Pickering and the issuance of debentures therefor
in the amount of $175,000
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 to proceed with Valley Farm Road - Road
Drainage.and Road Safety Improvements; and
Whereas before authorizing to proceed with the Valley Farm Road - Road Drainage
and Road Safety Improvements.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 32-11 on the date hereof and awarded
Tender No. T-10-2011 for the Valley Farm Road - Road Drainage and Road Safety
Improvements.
By-law No. 7163/11 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 "Valley Farm Road - Road
Drainage and'Road Safety Improvements",
2. That the estimated costs of the project in the amount of $179,410 be financed as
follows:
a) -That the sum of $175,000 be financed by the issue of debentures by The
Regional Municipality of Durham overa period not to exceed five (5) years;
b) That the sum of $4,410 be,funded from property taxes;
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 19th day of September,
2011.
David Rya ay
Debbie Shields, City Clerk