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HomeMy WebLinkAboutBy-law 6387/04THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6387/04 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $134,000 for Duffins West Pedestrian Trail project in the City of Pickering 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 in that Section; and, WHEREAS municipality in any other Subsection 401(1) of the Municipal Act, 2001, as amended, provides that a may incur a debt for municipal purposes, whether by borrowing money or 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 approved Report OES 36-03 at its meeting of October 7, 2003 pursuant to Resolution #143/03 awarded Tender T-13-2003 for the Duffins West Pedestrian Trail project at that meeting; and, WHEREAS the construction of the Duffins West Pedestrian Trail project has been completed; and, AND WHEREAS before the Council of the City authorized the Duffins West Pedestrian Trail 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: 1. That the estimated costs of the construction of the Duffins West Pedestrian Trail project in the amount of $134,000 be financed as follows: a) That the sum of $134,000 be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed ten (10) years; 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 2005 and continuing thereafter until the loan is repaid. By-law read a first, second and third time and finally passed this 15th day of November 2004. City Clerk