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BYLAW NO. 2130

Bats

A bytaw to auther|ze temporary borrowings
pending the sale of debentures. SEP 5 1985

SEP 9 1985

WHEREAS It is provided by Section 542 of the "Municipal Act" that the
Council may, where It has adopted a loan authorization bylaw, without
further assents or approvals, borrow Temporarily from any person under
the conditions therein set out;

AND WHEREAS the Counc || has adopted Bylaw No. 2081, cited as the "South
Mary Hi! ! Sewer [improvements Loan Authorization Bylaw, 1985, No. 2081"
authorizing the construction of certain improvements to the sewer system

in the amount of $392,000.00;

AND WHEREAS the Issuance of debentures has been temporar| ly deferred;

NOW THEREFORE, the Municipal Counc! | of The Corporation of the City of
Port Coquitlam, In open meeting assembled, ‘enacts. as follows:

The Council | is. hereby author|zed and empowered to borrow from Genstar
Corporation an amount or amounts not exceeding the sum of $70, 000. 00, as

the same may be required, without Interest. a rer

“The Council! is hereby authu., [zed and empowered to borrow from AJR.
Management Ltd. an. amount or amounts not exceeding the sum of.

$240,000.00 as the same may be required, without Interest.

The. form: of ob! i gation to be given as acknowledgement of the [lability
shall be a promissory note or notes bearing the corporate seal. and

signed by the Mayor and the Treasurer. oy

‘

The. money $0 ‘borrowed shail be used solely for the purpos es set out In
said Bylaw No. 2081.

The ‘proceeds from. the sale. of debentures, «or : ‘so much thereof. as may be
necessary, shal | be used to repay the’ money -so borrowed. a

4

This bylaw may be clted for afl purposes as the "Sewer Facliiities.
Temporary Loan Bylaw, 1985, No. 2130".

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