HomeMy WebLinkAboutBy-law 6923/08
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6923/08
Being a by-law to authorize the temporary
borrowing of monies to meet the current and
capital expenditures of the City of Pickering
for the ye.ar 2009.
WHEREAS Section 407(1) of the Municipal Act, 2001, provides that the Council of the
City of Pickering may by by-law authorize the Mayor and Treasurer of the Municipality to
borrow from time to time by way of promissory note such sums as the Council may
deem necessary to. meet, until the taxes for the current year are collected and other
revenues are received, the current expenditures of the Municipality for the year,
including the amounts required for principal and intetest falling due within the year upon
any debt of the Municipality, and the sums required by-law to be provided by the
Council for any local board of the Municipality;
WHEREAS Section 407(2) limits the total of such borrowings to not exceed 50 per cent
of the estimated annual revenues from January 1, 2009 to September 30,.2009 and 25
per cent thereafter;
WHEREAS. it is. deemed necessary by the said Council to borrow the sum of thirty-one
miHion nine hundred thousand dollars ($31,900,000) to meet, until the taxes for the
current year are received, the current expenditures of the Municipality for the year 2009,
including the amounts and sums aforesaid;
WHEREAS the said sum of thirty-one million nine hundred thousand dollars
($31,900,000) plus any similar borrowings that have not beenrepaid, is lessthan 50 per
cent of the total amount of the estimated revenues of the Municipality from January 1 to
September 30 as set forth in the estimates adopted by the said Council for the year
2008 exclusive of revenues derivable from the sale of assets, borrowings or issues of
debentures or from a surplus including arrears of levies and $15,900,000 is less than 25
per cent thereafter;
WHEREAS the Municipal Act, 2001, provides that if a municipality has by by-law
approved an undertaking. to be financed in whole or in part by incurring long-term debt,
the Council may by by-Jaw authorize temporary borrowing to meet expenditures made in
connection with the undertaking; and,
WHEREAS it is deemed necessary by the said Council to borrow the sum of nineteen
million dollars ($19,000,000) to meet the capital expenditures approved by Council.
By-law No. 6923/08
Page 2
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF
PICKERING HEREBY ENACTS AS FOllOWS:
1. The Mayor and Treasurer of the City of Pickering are hereby authorized to borrow
from time to time by way of promissory notes a sum or sums not exceeding thirty
one million nine hundred thousand dollars ($31,900,000) to meet, until the levies for
the year 2009 are received, the current expenditures of the Municipality for such
year, including the amounts required for principal and interest falling due within the
year upon any debt of the Municipality for the period January 1, 2009 to September
30,2009 inclusive and $15,900,000 thereafter until December 31,2009.
2. The Mayor and Treasurer of the City of Pickering are hereby authorized to borrow
from -time to time by way of promissory notes a sum or sums not exceeding in all the
.sum of nineteen million dollars ($19,000,000) to meet the capital expenditures as
approved by Council, of the Municipality including the amounts required for principal
and interest.
3. Any promissory notes made under the authority of this by-law shall be sealed and
signed in accordance with the provisions of the Municipal Act, 2001, and may be
countersigned in writing by the Manager, Accounting Services of the Corporation in
accordance with the provisions of the said Act.
4. This by..,law shall come into effect on the first day of January 2009.
BY-LAW read a first, second and third time and finally passed this 15th day of
December, 2008.
David Ryan y
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