HomeMy WebLinkAboutBy-law 7196/12
The Corporation of the City of Pickering
By-law No.7196/12
Being a by-law to confirm the authorization of
the issuance of refunding debentures in the
amount of $1,057,000 for the Expansion and
Renovations of the Don Beer Arena 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 11-02 at its meeting of April 2,
2002 and has awarded Tender T-1-2002 for the Expansion and Renovations of the Don
Beer Arena; and,
Whereas the construction of the Expansion and Renovations of the Don Beer Arena
project has been completed; and,
Whereas City of Pickering By-Law 6034/02 authorized the issuance of debentures in the
amount of $1,677,000 for the Expansion and Renovations of the Don Beer Arena for a
period not exceeding twenty years; and
Whereas the Regional Municipality of Durham By-Law 57-2002 authorized the issue of
ten-year installment debentures issue, of which $1,057,000 may be raised by the issue
of refunding debentures in the final year of maturity (2012); and
Whereas before the Council of the City authorize the issuance of refunding debentures
for the Expansion and Renovations of the Don Beer Arena, 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,
By-law No. 7196/12 Page 2
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 the Council of The Corporation of the City of Pickering hereby enacts as
follows:
1. That the City proceed with the refunding debentures in the amount of $1,057,000 for
the Expansion'and Renovations of the Don Beer Arena;
2'. That the sum of $1,057,000 be financed by the issue of debentures by The Regional
Municipality of Durham over a period not to exceed ten years
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 2013 and continuing
'thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 21st day of February,
2012.
David Ryan r'
U
Debbie Shields, City Clerk