HomeMy WebLinkAboutBy-law 6034/02THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6034/02
Being a by-law to authorize the issuance of debentures in
the amount of $1,677,000 for the Expansion and
Renovations of the Don Beer Arena in the City of Pickering.
WHEREAS Section 207(58) of the Municipal Act R.S.O. 1990, as amended, provides
that By-laws may be passed by the Councils of municipalities for the acquiring,
erecting, altering, maintaining, operating or managing of arenas and community
recreation centers; and,
WHEREAS Section 147 of the Municipal Act R.S.O. 1990, as amended, provides that
By-Laws may be passed to allow for borrowing for the purposes of the Corporation and
the issuance of debentures thereof; and,
WHEREAS Section 111 of the Regional Municipalities Act, R.S.O. 1990, as amended
provides that no area municipality has the power to issue debentures and that the
Regional Municipality of Durham has the sole authority to issue debentures for the
purposes of the City of Pickering; and,
WHEREAS the Council of the Corporation of the City of Pickering wishes construction
to proceed on the Expansion and Renovations of the Don Beer Arena; and,
WHEREAS the Council of the Corporation of the City of Pickering has approved Report
OES-011-02 at its meeting of April 2, 2002 and has awarded Tender T-1-2002 for the
Expansion and Renovations of the Don Beer Arena;
AND WHEREAS the Treasurer has updated the Municipality's Annual Repayment Limit
and this limit has not been exceeded, therefore, Ontario Municipal Board approval is
not required as per Section 147(5) of the Municipal Act, R.S.O., 1990, as amended and
Regulations thereunder.
NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW
OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS:
1. That the City proceed with the Expansion and Renovations of the Don Beer Arena;
2. That the estimated costs of the construction in the amount of $4,066,000 be
financed as follows:
(a)
That the sum of $1,677,000 be financed by its issuances of debentures by
the Regional Municipality of Durham over a period not to exceed twenty (20)
years;
(b)
That the sum of $215,000 be transferred from the Arena Surcharge Reserve
Fund;
(c) That the sum of $1,174,000 be provided from the Provincial Superbuild
Grant;
(d)
That the sum of $1,000,000 be funded from contributions from the Pickering
Hockey Association and the Durham West Gids Hockey Association.
3. That the funds to repay the principal and interest of the debentures be provided for
in the annual Current Budget for the City of Picketing commencing in 2003 and
continuing thereafter until the loan is repaid.
By-Law read a first and second time the 7th day of October 2002. .,--"~.~ .- ....... ::-' -~ '%
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