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HomeMy WebLinkAboutBy-law 7322/13 The Corporation of the City of Pickering By-law No. 7322/13 Being a by-law to authorize the temporary borrowing of monies to meet the current and capital expenditures of the City of Pickering for the year 2014. Whereas Section 407(1) of the Municipal Act, 2001, provides that the Council of the City of Pickering may by by-law authorize the Mayor and Treasurer of the City to borrow from time to time by way of promissory note such sums as the Council may deem necessary to meet, until the taxes for the current year are collected and other revenues are received, the current expenditures of the City for the year, including the amounts required for principal and interest falling due within the year upon any debt of the City, and the sums required by law to be provided by the Council for any local board of the City; Whereas Section 407(2) limits the total of such borrowings to not exceed 50% of the estimated annual revenues from January 1, 2014 to September 30, 2014 and 25% thereafter; Whereas it is deemed necessary by the said Council to borrow the sum of thirty-nine million ($39,000,000) to meet, until the taxes for the current year are received, the current expenditures of the City for the year 2014, including the amounts and sums aforesaid; Whereas the said sum of thirty-nine million ($39,000,000) plus any similar borrowings that have not been repaid, is less than 50% of the total amount of the estimated revenues of the City from January 1 to September 30 as set forth in the estimates adopted by the Council for the year 2013 exclusive of revenues derivable from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of levies, and nineteen million dollars ($19,000,000) is less than 25% of the estimated revenues thereafter; Whereas the Municipal Act, 2001, provides that if a municipality has by by-law approved an undertaking to be financed in whole or in part by incurring long-term debt, the Council may by by-law authorize temporary borrowing to meet expenditures made in connection with the undertaking; and, Whereas it is deemed necessary by the Council to borrow the sum of fifty-five million ($55,000,000) to meet the capital expenditures approved by Council. By-law No. 7322/13 Page 2 Now therefore the Council of the Corporation of the City of Pickering hereby enacts as follows: 1. The Mayor and Division Head, Finance & Treasurer of the City of Pickering are hereby authorized to borrow from time to time by way of promissory notes a sum or sums not exceeding thirty-nine million ($39,000,000) to meet, until the levies for the year 2014 are received, the current expenditures of the City for such year, including the amounts required for principal and interest falling due within the year upon any debt of the City for the period January 1, 2014 to September 30, 2014 inclusive and nineteen million dollars ($19,000,000) thereafter until December 31, 2014. 2. The Mayor and Division Head, Finance & Treasurer of the City of Pickering are hereby authorized to borrow from time to time by way of promissory notes a sum or sums not exceeding fifty-five million ($55,000,000) to meet the capital expenditures as approved by Council, of the City including the amounts required for principal and interest. 3. Any promissory notes made under the authority of this by-law shall be sealed and signed in accordance with the provisions of the Municipal Act, 2001, and may be countersigned in writing by the Manager, Accounting Services of the Corporation in accordance with the provisions of the said Act. 4. This By-law shall come into effect on the first day of January, 2014. By-law passed this 9th day of December, 2013. Air David R : , - or 1 Paul Bigi. i;