HomeMy WebLinkAboutBy-law 6571/05THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6571/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $160,000 for the
Architecture Service for the design of doubles squash courts
and aerobics studios at the Pickering Recreation Complex
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 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 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 21-05 at its meeting of June
20, 2005 pursuant to Resolution 99/05 and awarded the project to Jurecka &
Associates for the Architecture Service for the design of doubles squash courts and
aerobics studios at the Pickering Recreation Complex at that meeting; and,
WHEREAS the Council of the City is proceeding with the Architecture Service for the
design of doubles squash courts and aerobics studios at the Pickering Recreation in the
City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Architecture Service for
the design of doubles squash courts and aerobics studios at the Pickering Recreation
Complex 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 Architecture Service for the design of doubles
squash courts and aerobics studios at the Pickering Recreation Complex in the
City of Pickering in the amount of $161,970 be financed as follows:
a)
That the sum of $160,000 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 balance amount of $1,970 be funded from the 2005 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 of Pickering 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