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HomeMy WebLinkAboutBy-law 7222/12 The Corporation of the City of Pickering • By-law No.7222/12 Being a by-law to authorize the supply and delivery of one 41,000 LB. GVW Dump Truck in the City of Pickering and the issuance of debentures in the amount of$190,000 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 the supply and delivery of one 41,000 LB. GVW Dump Truck; and, Whereas before the Council of the City authorized the supply and delivery of one 41,000 LB. GVW Dump Truck, 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 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; And whereas after determining that Ontario Municipal Board approval is not required, the Council of the City approved Report CS 27-12 on the date hereof and awarded Quotation No. Q-13-2012 for the supply and delivery of one 41,000 LB. GVW Dump Truck. Now therefore the Council of The Corporation of the City of Pickering hereby enacts as follows: By-law No. 7222/12 Page 2 1. That the City proceed with the supply and delivery of one 41,000 LB. GVW Dump Truck; 2. That the estimated costs of the project in the amount of $192,081 be financed as follows: a) That the sum of $190,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed five years; b) That the balance of $2,081 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. eir/ s_- David Rya eijiliKr Paul Bigioni, (A;' g) • y Clerk