HomeMy WebLinkAboutBy-law 6199/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6199/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $615,000 for the new
construction of Progress Frenchman's Bay East Park 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 MunicipalAct, 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 Corporation of the City of Pickering is proceeding with
the construction of Progress Frenchman's Bay East Park; and,
WHEREAS the Council of the City approved Report OES 15-03 at its meeting of June
16,2003 pursuant to Resolution #97/03 and awarded Tender T-7-2003 for Progress
Frenchman's Bay East Park project at that meeting; and
AND WHEREAS before the Council of the City authorized the construction of the
Progress Frenchman's Bay East Park in the City of Pickering, 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 Progress Frenchman's Bay East
Park in the amount of $782,668 in the City of Pickering be financed as follows:
a)
That the sum of $615,000 be financed by the issuance of debentures by
the Regional Municipality of Durham over a period not to exceed ten (10)
years;
b)
That the sum of $75,000 be funded by a contribution from the Canadian
Progress Club, Durham South;
c) That the sum of $92,668 be transferred from Parkland Reserve Fund;
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 day of October
2003.
City Clerk