HomeMy WebLinkAboutBy-law 6572/05THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6572/05
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $539,000 for the Supply &
Delivery of a Fire Pumper Vehicle 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 27-05 at its meeting of June
27, 2005, pursuant to Resolution 111/05 and awarded Quotation Q-24-2005 for the
Supply & Delivery of a Fire Pumper Vehicle in the City of Pickering at that meeting;
and,
WHEREAS the Council of the City is proceeding with the Supply & Delivery of a Fire
Pumper Vehicle in the City of Pickering; and,
AND WHEREAS before the Council of the City authorized the Supply & Delivery of a
Fire Pumper Vehicle 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 Supply & Delivery of a Fire Pumper Vehicle in
the City of Pickering in the amount of $539,331 be financed as follows:
a) That the sum of $539,000 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 $331 be funded from the 2005 Current Fund;
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 (.~