HomeMy WebLinkAboutBy-law 7618/18The Corporation of the City of Pickering
By-law No. 7618/18
Being a by-law to confirm the authorization of the
issuance of refinancing debentures in the amount of
$833,000 for the Pickering Recreation Complex
Doubles Squash Court and Aerobics Studio project
in, the City of Pickering
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;
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;
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;
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");
Whereas the Council of the City approved Report OES 24-08 at its meeting_ of July 17,
2008 in pursuant to Resolution 15/08 and has awarded Tender T-2-2008 for the
Pickering Recreation Complex Doubles Squash Court and Aerobics Studio project;
Whereas the construction of the Pickering Recreation Complex Doubles Squash Court
and Aerobics Studio project has been completed;
Whereas City of Pickering By-law 6884/08 authorized the issuance of debentures in the
amount of $2,000,000 for the Pickering Recreation Complex Doubles Squash Court and
Aerobics Studio project for a period not exceeding 15 years;
Whereas the Regional Municipality of Durham By-law 63-2008 authorized the issue of
ten-year installment debentures issue, of which $833,000 may be raised by the issue of
refinancing debentures in the final year of maturity (2018); and
Whereas before the Council of the City authorize the issuance of refinancing
debentures for the. Pickering Recreation Complex Doubles Squash Court and Aerobics
Studio 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
By-law No. 7618/18 Page 2
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;
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows:
1. That the City proceed with the refinancing debentures in the amount of $833,000 for
the Pickering Recreation Complex Doubles Squash Court and Aerobics Studio
project;
2. That the sum of $833,000 be financed by the issue of debentures by The Regional
Municipality of Durham over a period not to exceed five years; and
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 2018 and continuing.
thereafter until the debenture financing is repaid.
By-law passed this 14th day of May, 2018.
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Debbie Shields, City Clerk