HomeMy WebLinkAboutBy-law 6195/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6195/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $48,000 for Parking Lot and
Road Improvements for portion related to Amberlea Road
Rehabilitation in the City of Pickering.
WHEREAS Section 11 of the Municipal Act, 2001, as amended, provides that a lower-
tier municipality in a regional 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 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 has approved Report OES 20-03 at its meeting of
June 2, 2003, pursuant to Resolution #79/03 and awarded Tender T-9-2003 for the
Parking Lot and Road Improvements for the Pickering Recreation Complex Parking Lot
final topcoat, Amberlea Road Rehabilitation and Pickering Parkway Road
Rehabilitation project at that meeting; and,
WHEREAS the construction of the Amberlea Road project has been completed; and,
AND WHEREAS before the Council of the City authorized the Amberlea Road 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 was not required
prior to City Council's authorization as per Section 401 of the Municipal Act, 2001, as
amended, and the regulations made 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:
That the estimated costs of the construction of the Parking Lot and Road
Improvements for the Pickering Recreation Complex Parking Lot final topcoat,
Amberlea Road Rehabilitation and Pickering Parkway Road Rehabilitation
project in the amount of $237,003 be financed as follows:
That the sum of $48,000 for portion related to Amberlea Road
Rehabilitation be financed by the issue of debentures by The Regional
Municipality of Durham over a period not to exceed ten (10) years;
b)
That the sum of $75,000 for the portion related to Recreation Complex
final topcoat be financed by the issue of debentures by The Regional
Municipality of Durham over a period not to exceed five (5) years;
c)
That the sum of $76,000 for the portion related to Pickering Parkway
Road Rehabilitation be temporary financed by an internal loan for a period
not to exceed five (5) years;
d)
That the additional sum of $32,000 for Tender T-9-2003 as a whole be
temporary financed by an internal loan for a period not to exceed ten (10)
years;
e)
That the remaining sum of $6,003 be financed from the 2003 Current
Budget;
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 2004 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 14th d,ay of October
2003. ,?"~7 ,,~/~?
× City Clerk