HomeMy WebLinkAboutBy-law 7100/11
The Corporation of the City of Pickering
By-law No. 7100/11
Being a by-law to authorize the Stormwater
Management Facility #4 and related storm
sewer construction, and land acquisition on
lands north of Third Concession Road 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 to proceed with the Stormwater Management
Facility #4 and related storm sewer construction, and land acquisition on lands north of
Third Concession Road; and,
Whereas before the Council of the City authorized the Stormwater Management Facility
#4 and related storm sewer construction, and land acquisition on lands north of Third
Concession Road project, the Council of the City had the Treasurer, and land
acquisition 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 prior to City Councils authorization 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 CS 07-11 on the date hereof and authorized
the Regional Municipality of Durham to undertake the calling and awarding of contract
for the Stormwater Management Facility #4 and related storm sewer construction on
lands north of Third Concession Road project.
By-,law No. 7100/11 Page 2.
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows:
1. That the City proceed with the construction project referred to as "Stormwater
Management Facility #4 and related storm sewer construction, and land acquisition
on lands north of Third Concession Road"2: That the estimated costs of the project in the amount of $2,000,000 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 ten (10) years with
the sum' of $800,000 be recovered from non-participating landowners;
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 untilthe loan is repaid.
By-law read a'first, second and third time and finally passed this 17th day of January,
2011.
David Ryan yor
Debbie Shields, City Clerk
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