HomeMy WebLinkAboutBy-law 7698/19The Corporation of the City of Pickering
By-law No.7698/19
Being a by-law to authorize the Supply and
Delivery of One New Latest Model Year Road
Grader with Attachments project in the City of
Pickering and the issuance of debentures in
the amount of '$369,000:00
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 has the sole authority to issue
debentures for the purposes of its lower-tiermunicipalities 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 Road Grader with Attachments
project; and <'
Whereas before authorizing the Supply and Delivery of One New Latest Model Year
Road Grader with Attachments 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 exceedthe updated limit and therefore, the Local Planning
Appeal Tribunal 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 the Local Planning Appeal Tribunal approval is not
required, the Council of the City approved report CS 08-19 on the date hereof and
awarded Quotation No. Q-7-2019 for the Supply and Delivery of One New Latest Model
Year Road Grader with Attachments, project;
BY-LAW. NO 7698/19 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 Road Grader with Attachments'
2. That the estimated costs of the project in the amount of $369,717.00 be financed as
follows:
a) the sum of $369,000.00 be financed by the issue of debentures by the
Regional Municipality of Durham over a term not to exceed five years, and
b) the sum of $717.00 be funded from 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 2019 or such subsequent
year in which the debentures are issued and continuing thereafter until the
debenture financing is repaid.
By-law passed this 24th day of June, 2019
David Ry. r ayo
Susah Cassel, City Clerk