HomeMy WebLinkAboutBy-law 7559/17The Corporation of the City of Pickering.
By-law No. 7559/17
Being a by-law to authorize the Pickering Civic
Complex Roof Repairs projeci in the City of �
� Pickering and the issuance of debentures in
the amount of $520,000.00.
Whereas Section 11 of the Municipal Act, 2009, 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
munic.ipality may incur a debt for municipal purposes, whe#her 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 hot have the power to issue
debentures; and, '
Whereas The Regional �/lunicipality 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 Civic Complex Roof Repairs project; and
Whereas before authorizing the construction in respect of the Pickering Civic Complex
Roof Repairs project, the Council of the City had the Treasurer updaie 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 CS 08-17 on the date hereof and awarded
Tender-No. T-10-2017 for the Pickering Civic Complex Roof Repairs project;
By-law No. 7559/17
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 "Pickering Civic Complex Roof
Repairs' ; - ,
2. That the es#imated costs of the project in the'amount of $521,011.00 be financed as
follows:
a) �hat the sum of $520,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed fifteen years;
b) That the sum of $1,011.00 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 2017 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid,
By-law passed this 15th day of May, 2017
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Debbie Shields, City Clerk �_,�� �� <�`'
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