HomeMy WebLinkAboutBy-law 7356/14 •
The Corporation of the City of Pickering
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By-law No.7356/14
Being a by-law to authorize the Fire Alarm
Panel Upgrade for Pickering Civic Complex in
the City of Pickering and the issuance of
debentures in the amount of$169,000
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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 Fire
Alarm Panel Upgrade for Pickering Civic Complex; and
Whereas the Council of the City wishes installation to proceed in respect of the Fire
Alarm Panel Upgrade for Pickering Civic Complex; and
Whereas before the Council of the City authorizes the issuance of debentures for the
Fire Alarm Panel Upgrade for Pickering Civic Complex 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 01-14 on the date hereof and awarded RFP-
3-2014 for the Fire Alarm Panel Upgrade for Pickering Civic Complex;
By-law No. 7356/14 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 "Fire Alarm Panel Upgrade for
Pickering Civic Complex";
2. That the estimated costs of the project in the amount of$169,736 be financed as '
follows:
a) That the sum of$169,000 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$736 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 2015 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 20th day of May, 2014.
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David ' 'ayo
. Paul Bigioni, (Actin. • lerk
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