THE CORPORATION OF THE CITY OF PORT COQUITLAM

BY-LAW NO. 1304

A by-law to authorize temporary borrowings pending the sale of debentures.

WHEREAS it is provided by Section 258 of the "Municipal Act" that
the Council may, where it has adopted a loan authorization by-law, without
further assents or approvals, borrow temporarily from any person under the '
conditions therein set out;

AND WHEREAS the Council has adopted By-law No. 1251, cited as the

“Recreational Facilities Construction and Loan Authorization By-law, 1973,
No. 1251" authorizing the construction of certain recreational facilities
i in the amount of One million nine hundred ten thousand ($1,920,000 .00)
Dollars; ; . |
| AND WHEREAS the issuance of debentures has been temporarily deferred;

NOW THEREFORE, the Municipal Council of The Corporation of the City
of Port Coquitlam, in open meeting assembled, enacts as follows: ee ’
1. The Council is hereby authorized and empowered to borrow from the
Receiver General of Canada an amount or’ amounts not exceeding the sum of One : 7 ae ;
millien six hundred thousand ($1,600,000.00) Dollars, as the same may be ~ : : ot |
required, at an interest rate not to exceed the current rate payable under -

subsection 2 of section 113 of the Canada Pension Plan.

2. The form of obligation to be given as acknowledgement of the liabil-~

; ; ity shall be a promissory note or notes bearing the corporate seal and signed

by the Mayor and the Treasurer.
“ - 3. The money so borrowed shall be used solely for the purposes set out
in said By-law No. 1251.
4. The proceeds from the sale of debentures, or so much thereof as may

be necessary, shall be used to repay the money so borrowed, . :

5. This by-law may be cited for all purposes as the "Recreational Facili-

ties Temporary Loan By-law, 1974, No. 1304",

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