HomeMy WebLinkAboutBy-law 6884/08
THE CORPORATION OF THE CITY OF PICKERING
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BY-lAW NO. 6884/08
Being a by-law to authorize the Pickering
Recreation Complex Doubles Squash Courts
and Aerobics Studios in the City of Pickering
and the issuance of debentures therefor in
the amount of $2,000,000.
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 wishes construction to proceed in respect of the
Pickering Recreation Complex Doubles Squash Courts and Aerobics Studios project;
and,
WHEREAS before authorizing the construction to proceed in respect of the Pickering
Recreation Complex Doubles Squash Courts and Aerobics Studios project on the date
hereof 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 is not required as per
Section 401 of the Municipal Act, 2001, as amended, and the regulations made
. thereunder;
AND WHEREAS after determining that Ontario Municipal Board approval is not
required, the Council of the City approved Report OES 24-08 on the date hereof and
awarded Tender T-2-2008 for the Pickering Recreation Complex Doubles Squash
Courts and Aerobics Studios project.
NOW THEREFORE, THE COUNCil OF THE CORPORATION OF THE CITY OF
PICKERING HEREBY ENACTS AS FOllOWS:
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BY-LAW NO. 6884/08
Page 2
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1. That the City proceed with the construction of the project referred to as "Pickering
Recreation Complex Doubles Squash Courts and Aerobics Studios";
2. That the estimated costs of the construction in the amount of $4,000,950 be
financed as follows:
a) That the sum of $2,000,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed fifteen (15) years;
b) That the sum of $1,000,000 be funded by the Municipal Infrastructure Investment
Initiative Grant;
c) That the sum of $800,000 be funded by the Federal Gas Tax;
d) That the sum of $200,000 be funded by a transfer from the Squash Courts
Reserve Fund and contributions from the Pickering Squash Club;
e) That the balance amount of $950 be funded from the 2008 Current Budget;
3. 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 2009 and continuing
thereafter until the loan is repaid.
...
BY-LAW read a first, second and third time and finally passed this 14th day of July,
2008.
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Debi A. Wilcox, City Clerk
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