HomeMy WebLinkAboutBy-law 6728/07
THE CORPORATION OF THE CITY OF PICKERING
BY-lAW NO. 6728/07
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $240,000 for the supply and
delivery of a Street Sweeper 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 36-06 at its meeting of
October 3,2006 pursuant to Resolution 140/06 and awarded Quotation 0-41-2006 for
the supply and delivery of a Street Sweeper at that meeting; and,
WHEREAS the supply and delivery of a Street Sweeper has been completed; and,
AND WHEREAS before the Council of the City authorized the supply and delivery of a
Street Sweeper, 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 supply and delivery of a Street Sweeper in the
amount of $259,400 be financed as follows:
a) That the sum of $240,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed five (5) years;
By-law 6728/07 (Continued)
Page 2
b) That the balance of $19,400 be funded from the 2006 Current Budget;
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 2007 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 5th day of February,
2007.
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Debi A. Bentley, City Clerk