HomeMy WebLinkAboutBy-law 6976/09
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO.6976/09
Being a by-law to authorize the Sideline 4
Road Reconstruction - Phase Two in the City
of Pickering and the issuance of debentures
therefore in the amount of $680,000:
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 of Pickering wishes construction to proceed in
respect of the Sideline 4 Road Reconstruction Phase Two, project; and,
WHEREAS before authorizing the construction to proceed in respect of the Sideline 4
Road Reconstruction - Phase Two, 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,
AND WHEREAS after determining that Ontario Municipal Board approval is not
required, the Council of the City approved Report OES 34-09 on the date hereof and
awarded Tender T-10-2009 for the Sideline 4 Road Reconstruction- Phase Two,
project.
NOW THEREFORE, BE IT ENACTED AND ITS IS HEREBY ENACTED AS A BY-LAW
OF THE CORPORATION OF THE CITY OF PICKERING AS FOLLOWS:
By-law No. 6976/09 Page 2
1. That the City proceed with the construction of the project referred to as "Sideline 4
Road Reconstruction Phase Two project
2. That the estimated costs of the construction in the amount of $1,020,000 be
financed as follows:
a) That the sum of $680,000 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 sum of $190,000 be funded from the Development Charges Reserve
Fund;
c) That the sum of $150,000 be funded by the Third Party Contribution - Sideline 4
Reserve fund;
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 2010 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 13th day of July, 2009.
C
David Ryan ayo
Debi A. Wilcox, City Cleric