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HomeMy WebLinkAboutBy-law 6203/03THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6203/03 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $75,000 for the Parking Lot and Road Improvements for portion related to Recreation Complex Parking Lot Final Topcoat. 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 City 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 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 Parking Lot Improvements-Pickering Recreation Complex project has been completed; and, AND WHEREAS before the Council of the City authorized the Parking Lot Improvements-Pickering Recreation Complex 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 Pickering Recreation Complex, Amberlea Road and Pickering Parkway Road project in the amount of $237,003 be financed as follows: a) That the sum of $75,000 for the portion related to Recreation Complex Parking Lot final topcoat be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed five (5) years; b) That the sum of $48,000 for the 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; 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) e) 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; 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 daY/4ff October 2003. Mayor<.," - City Clerk