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BYLAW NO.

A Bylaw to authorize the expenditure of monies in the Tax Sale MER
: Vy

Lands Reserve Fund, -

WHEREAS there is an unappropriated balance of $2,360,645.23

as at Jacuary 21st, 1982 in the Tax Sale Lands Reserve Fund consisting
of monies received from the sale of tax sale properties including interest
@arned thereon and set aside in accordance with the provisions of Section
380 of the "Municipal Act", which amount has been calculated as follows:
Balance in Reserve Fund at July 10th, 1980 $ 1,062,019.54
Add: Additions to fund since July 10th, 1980
including interest earned to January

alst, 1982 § 1,298,625.69

Balance in Reserve Fund at January 21sc, 1982 $. 2,360,645.23

AND WHEREAS no sinking funds have been or were required to be established;
AND WHEREAS ic is deemed desirable to expend from the amount so set aside
the sum of $1,750,000.00 co construce a library on property owned by the
City and situated at the southeast corner of Mary Hill Road and Wilson Avenue;
AND WHEREAS the assent of the electors has been obtained;
AND WHEREAS the approval of the Minister of Municipal Affairs has been
obtained;
NOW THEREFORE the Municipal Council of The Corporation of the City of
Port Coquitlam, in open meeting assembled, enacts as follows:
1. The sum of $1,750,000.00 is hereby appropriated from the Tax Sale Lands
Reserve Fund to construce a Library on property owned by che Cicy and situated
at the southeast corner of Mary Hill Road and Wilson Avenue.
2. The Municipal Council is empowered and auchorized cto undertake,
carry out, or cause to be carried. out, the construction of che said Library
generally in accord with che plans and ssecificacions that have deen placed

in the office of the City Clerk and co more parcicularly specify and

auchorize by resolucion all mgs necessary in conneccion therewith.

3. Should any of the amount expropriated remain unexpended after the

THIRD READING

expendicures hereby auchorized have been made, the unexpended Dalance

Lanes Reserve Fund,