Greater Vancouver Regional District 4330 Kingsway, Burnaby, British Columbia. Canada V5H 4G8 Finance Department Accounting: 432-6273 Secretary Treasurers Office: 432-6250 Treasury: 43° 5252 October 31. 1989 Mayor Len M, Traboulay and Council City of Port Coquitlam 2580 Shaughnessy Street Port Coquitlam, B.c. 3c 248 Dear Mayor Traboulay and Members of Council: Recent amendments to Part 24 of the Municipal Act and the Park (Regional) Act require that loan authorization by-laws for regional parks purposes receive the consent of two-thirds of the municipal councils and Electoral Area directors that participate in the regional parks function. As part of its "Year 2000" long range plan for the regional parks function, the G.Vv.R.pD. Board of Directors has adopted a tiv expenditure program that requires long term borrowing for maj and property acquisition. A copy of the Parks five year pl information. At the October 25, 1989 meeting the Board of Directors gave three readings to By-law No, 632 (copy enclosed) authorizing capital borrowing for park purposes in the amount of $5,750,000 for a term not exceeding twenty years, This borrowing is included in the five year capital expenditure program, Present outstanding borrowing for this function is as follows: Principal Maturity By-law No. _Outstanding Date 70 $1,868,826.18 June 30, 1995 70 923,626.04 Sept 2, 1995 70 103,564,29 Nov. 1, 2000 77 417,000.00 Nov. 1, 1992 476 1,800,000.00 Nov. 22, 2003 Council is respectfully requested to PasS a resolution consenting to G.V.R.D. By-law No. 632. Yours truly, Nore. Rac boravue intora ation | = GQverlal le lor review iu _ ine Clerk's OLkice | C - J. McLean, Catt Coan Secretary Treasurer 20 CD3/184