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