THE CORPORATION OF THE CITY OF PORT COQUITLAM C ¢ U N C | [

MEMO
MAY 14 1984 '

TO: B. Kirk, DATE: May 10, 1984.
City Administrator.

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FROM: J. Maitland,
City Treasurer.

SUBJECT: Corporate Visa Application.

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RECOMMENDATION:

That Council pass the following resolution:

That the contract betw u anadian Imperial
Bank of Commerce respecting the provision 0 Cards,
in the usual form of contract used by that bank, be approved;

AND THAT the Mayor and City Clerk be authorized to sign the
Said contract on pehalf of the City and offix the City's Corporate
Seal thereto.

BACKGROUND & COMMENTS :

Passing of the above resolution will result in the Mayor and
Administrator receiving Visa cards for use on City business.

The agreement calls for interest on the account to be paid at the
rate of 18.6%, however we will not pay interest as we will pay the
account promptly.

The agreement also calls for an annual fee of $20 per ecard which
does not seem unreasonable.