HomeMy WebLinkAboutBy-law 7837/21The Corporation of the City of Pickering
By-law No. 7837/21
Being a by-law to authorize the Supply and
Delivery of a Fire Pumper Rescue
Replacement project in the City of Pickering
and the issuance of debentures in the amount
of $990,000.00.
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
Supply and Delivery of a Fire Pumper Rescue Replacement project; and,
Whereas before authorizing the Supply and Delivery of a Fire Pumper Rescue
Replacement pr oject, 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 02-21 on the date hereof and
approved the Supply and Delivery of a Fire Pumper Rescue Replacement project in the
City of Pickering;
By-law No. 7837/21 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 “Supply and Delivery of a Fire
Pumper Rescue Replacement”;
2. That the estimated costs of the project in the amount of $999,554.00 be financed as
follows:
a). the sum of $990,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed 15 years;
b). the sum of $9,554.00 be funded from property taxes;
c). 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;
By-law passed this 26th day of April, 2021
Original Signed By: ___________________________________
Dave Ryan, Mayor
Original Signed By: ___________________________________
Susan Cassel, City Clerk