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HomeMy WebLinkAboutBy-law 7308/13 The Corporation of the City of Pickering By-law No. 7308/13 Being a by-law to authorize the Construction of an Indoor Soccer Facility in the City of Pickering and the issuance of debentures in the amount of $3,734,000 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 debenture financing for the Construction of an Indoor Soccer Facility project; and Whereas the Council of the City wishes construction to proceed in respect of the Construction of an Indoor Soccer Facility project; and Whereas before the Council of the City authorizes the issuance of debentures for the Construction of an Indoor Soccer Facility project 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 CR 14-13 on the date hereof and awarded Tender T-11-2013 for the Construction of an Indoor Soccer Facility project; BY-LAW NO. 7308/13 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 "Construction of an Indoor Soccer Facility"; 2. That the estimated costs of the project in the amount of $7,146,605 be financed as follows: a) That the sum of $3,412,504 be funded from the Development Charges- Recreation Facilities Reserve Funds; b) That the sum of $3,734,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed 15 years at a rate to be determined; c) That the sum of $101 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 2014 or such subsequent year in which the debentures are issued and continuing thereafter until the debenture financing is repaid. By-law passed this 16th day of September, 2013. David Ryan, Mayor Debbie Shields, City Clerk