THE CORPORATION OF THE CITY OF PORT COQUITLAM

BYLAW

A Bylaw to authorize the contracting of a debt for the purpose
of constructing service trunk mains within the City.

WHEREAS pursuant to the provisions of Section 344 of the Municipal Act, the
Counci! may contract a debt for any purpose of a capital nature such debt not to
exceed at any time a total amount equa! to $35.00 multiptied by the population of
the municipality and may, by bylaw, 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 sald Section 344 at the date hereof is $42,060.00;

AND WHEREAS the amount of the authorized debenture debt of the municipality Is
$5,025,144.00 of which $2,955,698.00 is existing outstanding debenture debt and
$2,069,446.00 Is authorized and unissued debenture debt and none of the principal
or Interest of the debenture debt of the munictpality [s in arrears;

AND WHEREAS the Council deems it necessary to contract a debt, or a series of
debts, in the amount of $750,000.00 for the purpose of constructing service trunk

mains within the City;
AND WHEREAS the approval of the Provincial Health Officer has been obtained;

AND WHEREAS a provisional certificate of the Minister of Environment has been
obtained under the provisions of the Po! lution Control Act;

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:

The Council! ts hereby authorized and empowered to borrow upen the credit of The
Corporation of the City of Port Coquitiam, the sum of $750,000.00 at such times
as the same may be required for the purpose herelnbefore recited and to pay no

Interest thereon.

There shall be periodic repayments of the principal thereon, and there shall be.
rates or charges levied to ensure that the obligations Issued under this bylaw
are fully repaid within five years of their issue.

The Mayor and Treasurer are hereby authorized to do all necessary acts and things
to carry out the Intent of this bylaw.

This Bylaw shall take effect on the date of Its adoption by Council.