HomeMy WebLinkAboutBy-law 7183/11
The Corporation of the City of Pickering
By-law No. 7183/11
Being a by-law to authorize the temporary
borrowing of monies to meet the current and
capital expenditures of the City of Pickering
for the year 2012:
Whereas Section 407(1) of the Municipal Act, 2001; provides that the Council of the
City. of Pickering may by by-law authorize the Mayor and Treasurer of the Municipality to
borrow from time to time by way of promissory note such sums as the Council may
deem necessary to meet, until the taxes for the current year are collected and other
revenues are received, the current expenditures of the Municipality for the year,
including the amounts. required for principal and interest falling due within the year upon
any debt of the Municipality, and the sums required by law to be provided by the Council
for any local board of the Municipality;
Whereas Section 407(2) limits the total of such borrowings to not exceed 50% of the
estimated annual revenues from January 1, 2012 to September 30, 2012 and 25%
thereafter;
Whereas it is deemed necessary by the said Council to borrow the sum of thirty-six
million ($36;009,000), to meet, until the taxes for the current year are received, the
current expenditures of the Municipality for the year 2012, including the amounts and
sums aforesaid;
Whereas the said sum of thirty-six million ($36,000,000) plus any similar borrowings that
have not been repaid, is less than 50% of the total amount of the estimated revenues of
the Municipality from January 1 to September 30 asset forth in the estimates adopted
by the said Council for the year 2011 exclusive of revenues derivable from the sale of
assets, borrowings or issues of debentures or from a surplus including arrears of levies
and eighteen million dollars ($18,000,000) is less than 25% thereafter;
Whereas the Municipal Act, 2001, provides that if a municipality has by by-law approved
an undertaking to be financed in whole or in part by incurring long-term debt, the
Council may by by-law authorize temporary borrowing to meet expenditures made in
connection with the undertaking; and,
Whereas it.is deemed necessary by-the said Council to borrow the sum of thirty-two
million ($32,000,000) to meet the capital expenditures approved by Council.
By-law No. 7183/11 Page 2
Now therefore the Council of.the Corporation of the City of Pickering, hereby enacts as
follows:
The Mayor and Treasurer of the City of Pickering are hereby authorized to borrow from
time to time byway of promissory notes a sum or sums; not exceeding thirty-six million
($36,000,000) to meet, until the levies for the year 2012 are received, the current
expendituresof the Municipality for such year, including the amounts required for
principal and interest. falling due within the year upon any debt of the Municipality for the
period January 1, 2012 to September 30, 2012 inclusive and eighteen million dollars
($18,000,000) thereafter until December 31, 2012.
1. The Mayor and Treasurer of the City of Pickering are hereby authorized to borrow
from time to time by way of promissory notes a sum or sums not exceeding thirty-
two million ($32,000,000) to meet the capital expenditures as approved by Council,'
of the -Municipality including the amounts required for principal and interest.
3._. Any promissory notes made' under the authority of this by-law shall be sealed and
signed in accordance with the provisions of the Municipal Act, 2001, and may be
countersigned in writing by the Manager, Accounting Services of the Corporation in
accordance with the provisions of the said Act.
4. This By-law shall come into effect on the first day of January, 2012.
By-law read a first, second and third time and finally passed this 12t" day of. December,
2011.
David Ryan, yor
Debbie Shields, `City Clerk