HomeMy WebLinkAboutBy-law 7282/13The Corporation of the City of Pickering
By -law No. 7282/13
Being a by -law to authorize the Pickering
Recreation Complex Banquet Hall and
Washroom Renovation Project in the City of
Pickering and the issuance of debentures in
the amount of $490,000.00
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 debenture financing for the
Pickering Recreation Complex Banquet Hall and Washroom Renovation Project;. and,
Whereas before authorizing the construction in respect of the Pickering Recreation
Complex Banquet Hall and Washroom Renovation Project, 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 CR 09 -13 on the date hereof and awarded
Tender T -7 -2013 for the Pickering Recreation Complex Banquet Hall and Washroom
Renovation Project;
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows: