HomeMy WebLinkAboutBy-law 7627/18The Corporation of the City of Pickering
By-law No. 7627/18
Being a. by-law toauthorize the Supply and
Delivery "of, One New Latest Model Year
Articulating Front Loader project in the City of
Pickering and the issuance of debentures in
the amount of $200,000.00
Whereas Section 11 of the Municipal Act, 200-t, 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 Subsection401(3) of the Municipal Act, 2001, as amended, provides thata
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
Supply and Delivery of One New Latest Model .Year Articulating Front Loader project,
and
Whereas before authorizing the construction in'respect of the Supply and Delivery of
One New Latest Model Year Articulating Front Loader project, the Council of the City
had the Treasurer update the City's Annual Repayment Limit,, the; Treasurer calculated
the estimated annual amount payable inrespect of suchproject and determinedthat'..
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 13-18 on the date hereof and .awarded
Quotation No. Q-30-2018 for the Supply and Delivery of One New Latest Model Year
Articulating Front Loader project;
By-law. No. 7627/18 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 "Supply and Delivery of One
New Latest Model Year Articulating Front Loader",
2. That the estimated costs of the project in the amount.of $201,994:00 be financed as
follows:
a) the sum of $200,000.00 be financed. by the issue of debentures by the
Regional Municipality of Durham over a term not to exceed 5 years; and
b) the sum of $1,994.00 be funded from property taxes;
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 or such subsequent
year in which the debentures are issued and continuing thereafter, until the
debenture financing is repaid:
By-law passed this 25th day of June, 2018
David Ryan,
Debbie Shields, City Clerk .