BY-LAW HO. =e t i ay

A B)-.aw to authorize the expenditure of monies-in the Tax Sale fauds
. JUN 23 1930
8 1990

2
WHEREAS there 16 an unappropriated balance of $1,341,469,82 as“at June

DE CORPORATION OF THE CITY OF PORT COQULTLAY

Reserve Fund.

. 19, 1980 in the Tax Sale Lands Reserve Fund consisting of monies received from the
gale of tax sale properties including interest earned thereon and sect aside in

accordance with the provisions of Section 380 of the “Municipal Act", which amount

has been calculated as follows:

Balance in Reserve Fund at November 7th, 1977 $ 315,885.64
Add: Additions to fund including interest , :
earned for 1978-1979 and for the currence

year to date $1,025, 584.18

Balance in Reserve fund at June 19th, 1980 oo $1,341,469,.82

AND WHEREAS no sinking funds have been or were required to be established;

AND WHEREAS it is deemed desirable to expend from the amount so set :
aside the sum of One Hundred Thirty-seven Thousand Four Hundred Fifty Dollars and >
Twenty-eight Cents ($137,450.28) for purchase of real property and One Hundred and
Forty-two Thousand Dollars ($142,000.00) for the purchase and installation of four
storm drainage pumps; , .

-— AND WHEREAS with respect to the amount of One Hundred and Forty-two
Thousand Dollars ($142,000.00) for the purchase and installation of four storm
drainage pumps it is the intention of the Council to repay this amount to the Tax
Sale Lands Reserve Fund over the next five years together with interest at a rate
of 3% below the Prime Bank Interest rate charged by the Pore Coquitlam Main Branch
of The Royal Bank of Canada as that said rate is established from time to time;

AND WIEREAS the approval of the Minister of Municipal Affairs has been
obtained;

NOW THEREFORE the Munteipal Council of the Corporation of the City of
Port Coquitlan, in open meeting assembled, enacts as follows:
i. “ The sum of Onc Nundred Thirty-seven Thousand Four Hundred Vifty Dollars

and Twenty-eight Cones ($137,450.28) is hereby appropriated fram the Tax Sale Lands

Reserve Fund for the following purchases af reat property:

Fr. mend. Wear ured ey