5. sinking fund levies 2007 FONDS D’AMORTISSEMENT 2007 |
Committee Recommendation
That Council
receive this report for information.
Recommandation du comité
Que le Conseil municipal prenne
connaissance du présent rapport.
Documentation
1. Chief Corporate Services Officer's report
dated 22 January 2007 (ACS2007-CRS-FIN-0004).
Report
to/Rapport au :
Corporate Services and Economic Development Committee
Comité des services organisationnels
et du développement économique
and Council / et au Conseil
22 January 2007 / le 22 janvier 2007
Submitted by/Soumis par : Greg Geddes, Chief Corporate Services Officer/
Contact Person/Personne ressource : Marian
Simulik, Director, Financial Services and City Treasurer/Directrice des
services financiers et trésorière municipale
Financial Services/Services financiers
(613) 580-2424 x 14159,
Marian.Simulik@ottawa.ca
SUBJECT: |
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OBJET : |
REPORT RECOMMENDATION
That the Corporate Services and
Economic Development Committee and Council receive this report for information.
RECOMMANDATION DU
RAPPORT
Que
le Comité des services organisationnels et du développement économique et le
Conseil municipal prennent connaissance du présent rapport.
BACKGROUND
When
the City issues sinking fund debentures, annual contributions are made to the
Sinking Fund, which together with interest earnings derived from the investment
of these funds accumulate to an amount that will be sufficient to pay the
debentures on maturity.
In
accordance with subsection (4) of section 424 of the Municipal Act, the City Treasurer is required to prepare and submit
to Council in each year, a statement showing the sums that Council will be
required, by by-law, to raise for sinking funds in that year.
The
following is a statement of the sinking fund requirements for 2007.
Debenture By-law |
Sinking Fund Amounts $ |
126-1989 |
250,000 |
33-1991 |
2,000,000 |
81-1992 |
3,975,229 |
68-1998 |
1,036,501 |
72-1999 |
3,210,575 |
|
10,472,305 |
In
accordance with provisions of the debenture by-laws, the sinking fund amounts
will be levied as follows:
City Purposes |
Sinking Fund Amounts $ |
City Wide |
8,228,164 |
Waste Water |
2,244,141 |
|
10,472,305 |
CONSULTATION
The amounts
to be levied for sinking funds in 2007 were specified under the various
debenture by-laws mentioned above which were approved by the applicable Council
at the time the various debentures were issued.
Public consultation would
normally take place at the time the capital works which were financed by the
various debenture issues, were initiated and approved. No public consultation is required at this
time.
FINANCIAL IMPLICATIONS
Debt charge
budgets for the City provide for the payment of sinking fund levies. Since the payment of these levies has been
approved by by-law, future debt charge budgets must contain sufficient amounts
to cover these levies.
CONCLUSION
This statement is submitted
for Council for its information in accordance with existing legislation.
DISPOSITION
Following consideration by the Corporate Services and Economic Development Committee, this report will be forwarded to Council for its consideration.