HomeMy WebLinkAboutBy-law 7081/10
The Corporation of the City Of Pickering
By-law No.7081 /10
Being a by-law to authorize the issuance of debentures in
the amount of $140,000 for the Dunmoore Tennis Court
Reconstruction Project 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 Dunmoore
Tennis Court Reconstruction Project; and,
Whereas before authorizing the construction to proceed in respect of Dunmoore Tennis
Court Reconstruction 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 19-10 on the date hereof and awarded
Tender T-8-2010 for the Dunmoore Tennis Court Reconstruction 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 "Dunmoore Tennis Court
Reconstruction";
By-law No. 7081 /10 Page 2
2. That the estimated costs of the project in the amount of $141,120 be, financed as
follows:
a) The sum of $140, 000 be financed by the issue of debentures by the
Regional Municipality of Durham over a period not exceeding five (5) years;
b) The balance sum of $1,120 be funded from the 2010 .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 2011 and continuing
thereafter until the loan is repaid.
By-law read a first, second and third time and finally passed this 13th day of September,
2010.
David Ryan; ayor
~^Debbie Shields, City Clerk