HomeMy WebLinkAboutBy-law 7101/11
The Corporation of the City of Pickering
By-law No. 7101/1,1
Being a by-law to authorize the Urbanization
of Third Concession Road (BR-1), east of
Brock Road in the City of Pickering and the
issuance of debentures therefor in the
amount of $806,000.
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 Urbanization of Third
Concession Road (Br-1), east of Brock Road project; and,
Whereas before the Council of the City authorized the Urbanization of Third Concession
Road (BR-1), east of Brock Road project, 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 prior to City Council's authorization as per
Section 401.6f 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
j the Regional Municipality of Durham to undertake the calling and awarding of contract
for the Urbanization of Third Concession Road (BR-1), east of Brock Road project.
By- law No. 7101/11 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 "Urbanization of
Third Concession Road (BR-1), east of Brock Road";
2. ,That the estimated costs of the project in the amount of $1,076,525 be financed as
follows:
a) : That the sum of $806,000 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed fifteen (15) years;
b) That the sum of $269,131 be funded from the Development Charges Reserve
Funds;
c) That the remaining sum of $1,394 be funded from Current Funds;
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 17th day of January,
2011
David Ry a
Debbie Shields, City Clerk