HomeMy WebLinkAboutBy-law 7619/18The Corporation of the City of Pickering
By-law No. 7619/18
Being a by-law to confirm the authorization of the issuance of
refinancing debentures in the amount of $367,000 for the. Sheppard
Ave,Reinforced Soil System 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 formunicipal 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 36-07 at its meeting of
September 17, 2007 in pursuant to Resolution 179/07 and has awarded Tender T-2-
2007 for the Sheppard Ave, Reinforced Soil System project;
Whereas the construction of the. Sheppard Ave, Reinforced Soil System project has
been completed;
Whereas City of Pickering By -Law 6808/07 authorized the issuance of debentures in the
amount of $880,000 for the Sheppard Ave, Reinforced Soil System project for 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 $367,000 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 Sheppard Ave,. Reinforced Soil System 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 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
By-law. No. 7619/18 Page 2
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 $367,000'for,
the Sheppard Ave, Reinforced Soil System project;
2. That the sun of $367,000 be financed by the issue of debentures by. The Regional
Municipality of Durharmover."a.period not to exceed five years; and
3. That the funds to repaythe principal and interest of the debentures be provided for
in the annual Current Budget for the Citycommencing in 2018 and continuing
thereafter until the debenture financing is, repaid.
By-law passed this 14th day of May, 2018.
Debbie Shields, City Clerk