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HomeMy WebLinkAboutBy-law 7827/21The Corporation of the City of Pickering By-law No.7827/21 Being a by-law to authorize the Construction of a New Fire Station Headquarters at Brock Road and Zents Drive project in the City of Pickering and the issuance of debentures in the amount of $2,765,000.00. 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 i n 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-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 Construction of New Fire Station Headquarters at Brock Road and Zents Drive project; and, Whereas before authorizing the construction in respect to the Construction of New Fire Station Headquarters at Brock Road and Zents Drive 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, Local Planning Appeal Tribunal (LPAT) 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 Local Planning Appeal Tribunal approval is not required, the Council of the City approved report FIR 01-21 on the date hereof and approved the Construction of New Fire Station Headquarters at Brock Road and Zents Drive project in the City of Pickering; By-law No. 7827/21 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 “Construction of New Fire Station Headquarters at Brock Road and Zents Drive”; 2. That the estimated costs of the project in the amount of $8,980,320.00 be financed as follows: a). the sum of $2,765,000.00 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed 20 years; b). the sum of $6,213,000.00 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed 20 years, to address the funding shortfall of the Development Charges-Protection Services Reserve Fund, and that this amount be repaid from future development charge collections as the first source of repayment; c). the sum of $2,320.00 be funded from property taxes; and such financing arrangements are hereby authorize; 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 2021 or such subsequent year in which the debentures are issued and continuing thereafter until the debenture financing i s repaid, for 2 a) noted above; 4. That the funds to repay the principal and interest of the debentures be provided for in the annual Current Budget for the City commencing i n 2021 or such subsequent year in which the debentures are issued and continuing thereafter until the debenture financing is repaid from future development charge as the first source of repayment for 2 b) noted above. By-law passed this 22nd day of March, 2021 Original Signed By:_________________ __________________ Dave Ryan, Mayor Original Signed By:_________________ __________________ Susan Cassel, City Clerk