HomeMy WebLinkAboutBy-law 6564/05THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6564/05
Being a by-law to confirm the authorization of the
issuance of debentures in the amount of $288,000 for
the supply and delivery of a Telescopic Boom Excavator
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 39-04 at its meeting of
February 7, 2005 pursuant to Resolution 27/05 and awarded Quotation Q-41-2004 for
the supply and delivery of a Telescopic Boom Excavator project at that meeting; and,
WHEREAS the supply and delivery of a Telescopic Boom Excavator project has been
completed; and,
AND WHEREAS before the Council of the City authorized the supply and delivery of a
Telescopic Boom Excavator 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 MunicipalAct, 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 supply and delivery of a Telescopic Boom Excavator
project in the amount of $351,108 be financed as follows:
a) That the sum of $288,000 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 $50,000 be financed by internal loans from Development
Charges Reserve Fund over a period not to exceed five (5) years;
c) That the sum of $12,583 be funded by auction proceeds from the sale of the old
telescopic excavator;
d) That the balance of $525 be funded by 2005 Current Funds;
2. 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 2006 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 19th day of September
2005.
City Clerk