BYLAW NO. 2284

A Bylaw to authorize temporary borrowings
panding the sale of debentures.

WHEREAS it is provided by Section 342 of the "Municipal Act" that the Counci |
may, where if has adopted a !oan authori zatjon bylaw, without further essents or
approvals, borrow temporarily from any person under the conditions therelo set cut;

AND WHEREAS the Council has adopted Bylaw, No. 2283, cited as the "Citadel
Heights and Mary Hill Water Loan Improvements Authorization Bylaw, 1987, No. 2283"
authorizing the constructi.n of a water system pumping station in the amount of

$500,000.00;
AND WHEREAS the issuance of debentures has been temporarily deferred;

NOW THEREFORE, the Municipal Counct! of The Corporation of the City of Port
Coquitiam, in open meeting assembled, enacts as fol lows:

1. The Council Is hereby authorized — sd empowered to borrow ¢rom Genstar
Corporation an amount or amounts not exceeding the sum of $506,000.00, as the same may
be required, without interest. .

ee The form of obligation to be given as acknowledgement of the liability shall be

a promissory note or notes bearing the corporate seal and signed by the Mayor and

Treasurer,
3. The money so borrowed shali be usad solely for the purposes sat out in said

Bylaw No. 2283.

4, The proceeds from the sale of debentures, or so much thereof as may be necessary,
shall te used to repay the money so borrowed.

a0 This bylaw may Be cited for all purposas as the "Water Pump Station Temporary Loan
Bylaw, 1987, No. 2284",

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