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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

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