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7. During the currency of the Agreement hereunder to secure borrowings
in respect of the "Recreational Facilities Construction and Lean Authorization
By-law, 1974, No. 1251" there shall be levied and raised annually by a rate
sufficient therefor over and above all other rates upon all land and improvements
subject to taxation for general municipal purposes in the Municipality in the
same manner and at the same time as other rates, an amount sufficient to meet

the annual payment of interest and the repayment of principal.

8. The Municipality shall provide and pay over to the Regional District

such sums as are required to discharge its obligations in accordance with the
terms of the Agreement, provided however that if the sums provided for in the
Agreement are not sufficient to meet the obligations of. the Municipality, such
deficiency shall be a liability of the Municipality to the Regional District
and the Council of the Municipality shall make due provision to discharge such
liability.

9. The Municipality shall pay over to the Regional District at such time
or times as the Treasurer of the Authority so directs such sums as are required
pursuant to Section 14 of the Municipal Finance Authority of British Columbia
Act, to be paid into the Debt Reserve Fund established by the Authority in
connection with the financing undertaken by the Regional District on behalf of
the Municipality pursuant to the Agreement.

10. This By-law may be cited as the "Recreational Facilities Security

Issuing By-law, 1977, No, 1529",