HomeMy WebLinkAboutBy-law 6805/07
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6805/07
Being a by-law to confirm the authorization of the issuance
of debentures in the amount of $124,000 for the Storington
Pedestrian Bridge Replacement, Pine Creek 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 01-07 at its meeting of
January 15, 2007 pursuant to Resolution 07/07 and awarded Quotation Q-57-2006 for
the Storington Pedestrian Bridge Replacement, Pine Creek at that meeting; and,
WHEREAS the Storington Pedestrian Bridge Replacement, Pine Creek has been
completed; and,
AND WHEREAS before the Council of the City authorized the Storington Pedestrian
Bridge Replacement, Pine Creek, 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 Storington Pedestrian Bridge Replacement, Pine
Creek in the amount of $124,729 be financed as follows:
a) That the sum of $124,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed ten (10) years;
By-law No. 6805/07
Page 2
b) That the balance of $729 be funded from the 2007 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 2008 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed the 15th day of October,
2007.
~IChl~
Debi A. Wilcox, City CI rk