HomeMy WebLinkAboutBy-law 6202/03THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6202/03
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $150,000 for the Storm
Water Management - Amberlea Creek Watercourse Works
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 approved Report CAO 09-03 at its meeting of
October 14, 2003 and awarded Tender T-12-2003 for the Storm Water Management -
Amberlea Creek Watercourse Works project at that meeting; and,
WHEREAS the construction of the Storm Water Management-Amberlea Creek
Waterworks project has been completed; and,
AND WHEREAS before the Council of the City authorized the Storm Water
Management-Amberlea Creek Waterworks 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 Storm Water Management-
Amberlea Creek Watercourse Works project in the amount of $251,872 be
financed as follows:
a)
That the sum of $150,000 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 $100,000 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 remaining sum of $1,872 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 14, ,~ of October
/ ../~
/ City Clerk