[Gj Greater Vancouver Regional District +330 Kingsway. Burnabu. British Columbia. Canada V5H 4U8 “nance Deparment secretary fecasurers Ui fice: d 32-625! “-easuru: 432-6252 October 31, 1989 Mayor Len M. Traboulay and Council City of Port Coquitlam 2580 Shaughnessy Street Port Coquitlam, B.C. V3C 248 Dear Mayor Traboulay and Members of Council: Recent amendments to Part .24 of the Municipal Act and the Park (Regional) Act require that loan authorization by-laws for regional parks purposes receive the consent of two-thirds of the municipal councils and Electoral Area directors that participate in the reqional parks function. As part of its "Year 2000" lonq range plan for the regional parks function, the G.V.R.D. Board of Directors has adopted a five year capital expenditure program that requires long term borrowing for major development and property acquisition. A copy of the Parks five year plan is attached for information. At the October 25, 1989 meeting the Board of Directors gave three readings to By-law No. 632 (copy enclosed) authorizing capital borrowing for park purposes in the amount of $5,750,000 for a term not exceeding twenty years. This borrowing is included in the five year capital expenditure program. Present outstanding borrowing for this function is as follows: Principal Maturity By-law No. Outstanding Date 1995 1995 2000 1992 2003 Ga ~ 70 $1,868,826.18 June 70 923,626.04 Sept 70 103,564,29 Nov. 77 417,000.00 Nov. 476 1,800,000.00 Nov. PI Fe te PD) Om ine) $5,113,016.51 Council is respectfully requested to pass a resolution consenting tc G.V.R.D. By-law No. 632. Yours truly, Note: Rae ke rovuc iutorwal tou =) - a —— aveilal le lor revitus iy Z at ; . Cleck's Ob iéee Cc C J. McLean, et Coe Secretary Treasurer cpD3 /184 / 13