HomeMy WebLinkAboutBy-law 7220/12 The Corporation of the City of Pickering
By-law No. 7220/12
Being a by-law to authorize the East Shore
Community Centre-West Side, Parking Lot
Reconstruction and Drainage Improvements
project in the City of Pickering and the
issuance of debentures in the amount of
$220,000
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-West Side, Parking Lot Reconstruction and Drainage
Improvements project; and,
Whereas before authorizing the construction to proceed in respect of East Shore
Community Centre-West Side, Parking Lot Reconstruction and Drainage 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 17-12 on the date hereof and awarded
Tender T-10-2012 for East Shore Community Centre-West Side, Parking Lot
Reconstruction and Drainage Improvements project.
BY-LAW NO. 7220/12 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"East Shore Community Centre-
West Side, Parking Lot Reconstruction and Improvements
2. That the estimated costs of the project in the amount of$220,469 be financed as
follows:
a) That the sum of$220,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five years at a
rate to be determined;
b) That the sum of$469 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 2013 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 18th day of June, 2012.
01/
tr
David Rya, May.
Paul Bigioni, A ting City Clerk