HomeMy WebLinkAboutBy-law 7636/18The Corporation of the City of Pickering
By-law No. 7636/18
Being a by-law to authorize the Abbott
Crescent Stormwater Management Pond
Reconstruction project in the City of Pickering
and the issuance of debentures in the amount
of $342,000.00
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 (the "Region") 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
Abbott Crescent Stormwater Management Pond Reconstruction project; and
Whereas before authorizing the construction in respect of the Abbott Crescent
Stormwater Management Pond Reconstruction 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 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 ENG 09-18 on the date hereof and awarded
Tender No. T-12-2018 for the Abbott Crescent Stormwater Management Pond
Reconstruction project;
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows:
By-law No. 7636/18 Page 2,
That the Citypr�ceed with the project referred to as "Abbott Crescent Stormwater
Management Pond Reconstruction";
2: That the estimated costs of the project in the amount of $1,210,260.00 be financed
as follows:
ay the sum of $342,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a term not to exceed 15 years;
b) the sum of $372,253.00 be funded from the Clean Water and Wastewater,"
Fund, federal contribution;,.
c). the sum of $186,127.00 befunded from the Clean Water. and Wastewater
Fund, provincial contribution;
d) the sum of $309,880.00 be funded from the Rate Stabilization Reserve.
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 orsuch 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