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HomeMy WebLinkAboutBy-law 6568/05THE CORPORATION OF THE CITY OF PICKERING BY-LAW NO. 6568/05 Being a by-law to confirm the authorization of the issuance of debentures in the amount of $700,000 for the Liverpool Road Nautical Village Boulevard & Streetscape Improvements 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 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 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 24-05 at its meeting of June 27, 2005 pursuant to Resolution 110/05 and awarded Tender T-3-2005 for the Liverpool Road Nautical Village Boulevard & Streetscape Improvements in the City of Pickering; and, WHEREAS the Council of the City is proceeding with the Liverpool Road Nautical Village Boulevard & Streetscape Improvements in the City of Pickering; and, AND WHEREAS before the Council of the City authorized the Liverpool Road Nautical Village Boulevard & Streetscape Improvements 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 Liverpool Road Nautical Village Boulevard & Streetscape Improvements in the City of Pickering in the amount of $844,074 be financed as follows: a) That the sum of $700,000 for the Liverpool Road Nautical Village Boulevard & Streetscape Improvements be financed by the issue of debentures by The Regional Municipality of Durham over a period not to exceed twenty (20) years; b) That the sum of $40,755 be funded from unspent amount from the 2003 budgeted Liverpool Road Millennium Square project, originally debt- financed in 2004; c) That the sum of $103,319 be funded from excess funds raised from the completed Audley Road South project, originally debt-financed in 2004; 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 the 19th day of September 2005. City Clerk