HomeMy WebLinkAboutBy-law 7640/18The Corporation of the City of Pickering
By-law No. 7640/18
. Being a by-law to authorize the Westney Road.
Road Reconstruction project in the City of
Pickering and the issuance of debentures in
the amount of $1,496;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
Westney Road— Road Reconstruction project and;
Whereas before authorizing the construction in respect of the Westney Road - Road
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 ofthe Municipal Act, 2001, as. amended,
and the regulations made thereunder;
And whereas after determining` that Ontario Municipal Board approvalis not required,
the Council of the City approved report ENG 15-18 on the date hereof and awarded
Tender No. T-11-2018 for the Westney Road — Road Reconstruction project;
By-law No. 7640/18 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 tows "Westney Road Road
Reconstruction"
2. That the estimated costs of the project in the amount of $1,496,678.00 be financed
as follows:
a) the sum of $1,496,000.00 be financed by the issue of debentures by The
Regional. Municipality of Durham over a term not to exceed 10 years;
b) the sum of $678.00 to be funded by 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 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.
Debbie Shields, City Clerk