WHE CORPORATION OF ‘THE CUTY OF PORT eh OQ MEET AM

i

BY-LAW NO. 1445

MAY 10 1978

A By~law to authorize the borrowing of money for the purpose of
constructing a Fire Hall.

WHEREAS pursuant to the provisions of Section 260 of the Municipal
Act, the Council may contract a debt for any purpose of a capital nature
such debt not to exceed at any time a total amount equal to Twenty-five
Dollars ($25.00) multiplied by the population of the municipality and may,
by by-law, without the assent of the electors, contract the debt by borrowing
and make provision for the repayment of the debt and interest thereon;

AND WHEREAS the amount of the existing obligations of the

municipality, authorized under said Section 260 at the date hereof is

$162',600.00;

AND WHEREAS the amount of the authorized debenture debt of the
municipality is $5,186,992.00 of which $3,031,992.00 is existing outstanding
debenture debt arid $2,155,000.00 is authorized and unissued debenture debt

and none of the principal or interest of the debenture devt cf the

municipality is in arrears;

AND WHEREAS the Counci). deems it necessary to borrow the sum of
$187,500.00 for ‘the purpose of constructing a Fire Hall on Lots 43 to 46,
inclusive, Block HoH South-west Quarter of Section Six, Township 40, Plan
2289, New Westminster District;

AND WHEREAS the approval of the Inspector of Municipalities has
been obtained;

NOW THEREFORE the Municipal Council of The Corporation of the City
of Port Coquitlam, in open meeting assembled, enacts as follows:

1. The Council is hereby authorized and empowered to borrow upon the
credit of The Corporation of the City of Port Coquitlam from the Royal Bank
of Canada, the sum of One Hundred Eighty-seven Thousand Five Hundred Dollars
($187,500.00) at such times as the same may be required for the purpose
hereinbefore recited and to pay interest thereon at the prime interest rate
currently charged by the above-mentioned lender from time to time.
2. There shall be raised and levied during the currency of the
obligation hereby createa by a rate sufficient therefore over and above all

other rates upon all land and improvements subject to taxation for general

municipal purposes in the municipality for the repayment of the debe and the