THE CORPORATION OF THE CITY OF PORT COQUITLAM 0 U Ni
MEMORANDUM C | [

| MAY 2 1983
TO: B. Kirk, April 27, 1983

City Administrator

FROM: R.A. Freeman,
City Clerk

SUBJECT:- Hamilton Street, Essex Avenue, and Newberry Street
Local Improvement Projects

RECOMMENDATION:

That Council. give first three readings. to Bylaw. Nos.
1966 to 1974, inclusive, with final reading tao Follow on

Monday, May 9th, 1983.

BACKGROUND .AND COMMENTS:

During the years 1978 and 1979 Local Improvement
Projects were constructed on Hamilton Street, Essex Avenue, and
Newberry Street. The proposed method of financing at that: time
-was through borrowing but due to the high interest rates
prevalent at the time the Treasurer delayed undertaking. the
formal procedures necessary. This delay: was approved ‘by
Council in 1980 and at that timé the Council also authorized
payment of the City's portion of the cost of the work.out of
the current Budget. Since that time, our Treasurer has
determined that’ the best method of procedure would. be to: simply
-advance the funds necessary from the City's Locel Improvement
Fund and thereby avoid borrowing altogether. Lo

ee The ‘nine’ Bylaws numbered: From 1966 to 1974;
inclusive, accomplish this by amending the three Construction.
bylaws and the three Assessment Bylaws to provide. for Local
Improvement Fund appropriation rather than. borrowing. and there
are-three additional Bylaws required to actually appropriate
the money for each project from the Local Improvement Fund.

This procedure has been fully authorized by our
Auditor and we are sure the Council will consider these nine
Bylaws to be merely of a "housekeeping" nature.

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City Clerk

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