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HomeMy WebLinkAboutBy-law 7075/10 The Corporation of the City Of Pickering By-law No. 7075/10 Being a by-law to authorize the issuance of debentures in the amount of $100,000 for the Asphalt Overlay on Sideline 4 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 wishes construction to proceed in respect of the Asphalt Overlay on Sideline 4 project; and,. Whereas before authorizing the construction to proceed in respect of the Asphalt Overlay on Sideline 4 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 17-10 on the date hereof and awarded Tender T-11-2010 for the Asphalt Overlay on Sideline 4 project. Now therefore the council of The Corporation of the City of Pickering hereby enacts as follows: 1. That the City proceed with the project referred to as "Asphalt Overlay on Sideline 4"; By-law No. 7075/10 Page 2 2. That the estimated costs of the project in the amount of $137,975 be financed as follows: a) The sum of $100,000 be financed by the issue, of debentures by the Regional Municipality of Durham over a period not exceeding ten (10) years; b) The balance sum of $37,975 be funded from excess. funds raised from Sideline 4 Road Reconstruction-Phase 1 debenture issue in the amount of $29,620 and Development Charges Reserve Fund in the amount of $8,355;. 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 2011 and continuing thereafter, until the loan is repaid. By=law read a first, second and.third time and finally passed this 12th day of July, 2010. I David R y Debbie Shields, City Clerk